Canada Life has delivered a £48 million full-scheme buy-in transaction with a pension scheme in the oil and gas industry, securing the future benefits for more than 500 pensioner and deferred members.
WTW acted as lead broker on the deal as well as Scheme Actuary, investment adviser, and administrator under WTW’s OneDB offering. The Trustees were advised on legal issues by Pinsent Masons. Canada Life was advised by its in-house legal team.
Andrew Nicolaou, Business Development Manager, Bulk Purchase Annuities at Canada Life, commented:
“We are proud to have supported the trustees through a significant de‑risking milestone for the scheme and a major step forward in securing the long‑term retirement income of its members. Drawing on Canada Life’s financial strength and extensive experience in the bulk annuity market, delivering this buy-in solution reduces volatility for the sponsor while delivering stability and security for both the scheme and members long-term.”
Tom Ashworth, Risk Transfer Director at WTW, said:
“Since our appointment as full-service adviser in 2019, it has been a pleasure to work closely with the trustee and sponsor to develop and deliver the transaction strategy – managing illiquid assets, securing bespoke benefit features, and ultimately enhancing benefits for members. It was great to secure this deal, working closely with the teams at Pinsent Masons and Canada Life to deliver a successful outcome for our client and scheme members.
“We’re continuing to see a huge amount of activity in this part of the market. Smaller schemes now have a choice of insurer and can secure bespoke transaction features if they approach the market strategically.”
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Enquiries:
Press enquiries should be directed to:
Julie Hughes-Edwards, Canada Life, +44 7803 249343, julie.hughes-edwards@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.