The transaction was completed using WTW’s Streamlined Bulk Annuity Service, with legal advice provided by Burges Salmon. Canada Life received legal advice from its in house legal team.
Tim Coulson, managing director, bulk purchase annuities at Canada Life commented:
“The pension scheme de-risking market continues to be competitive, so we’re really pleased that we have completed this full scheme buy-in with the Trustees and DAS. Through the transaction we’re able to offer long-term security and certainty for the scheme members, thanks to a collaborative effort of the Trustees and advisers throughout the process.”
Karen Dursley, Chair of Trustees, commented:
“We’re very pleased to have achieved a great outcome and improved security for our members. I’d like to thank the sponsor for their support throughout this process, as well as our advisers and the team at Canada Life for helping us to reach this significant milestone for the Scheme.”
Rhys Mellens, from WTW, adviser to the Trustees, commented:
“The Trustees and DAS worked collaboratively to approach insurers using WTW’s Streamlined Bulk Annuity Service, which resulted in competitive quotes from multiple insurers and ultimately a great outcome for the Scheme’s members. With the market continuing to be exceptionally busy and insurers being increasingly selective on which cases they quote on, this transaction demonstrates the benefits of using an experienced adviser to increase engagement from insurers for smaller schemes. Contrary to some market observer views, we have found that schemes that are well prepared and well advised are able to obtain quotations from a number of providers. It was a pleasure to work with the Trustees, DAS and Canada Life to complete this transaction.”
Ends
Enquiries:
Press enquiries should be directed to:
Elle McAtamney, Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
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About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Great-West Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 38 million customers worldwide and £1.532trillion assets under administration (as at 31 December 2022).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown and maintained its position as the market leading provider of group insurance solutions.1 Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance Limited and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Stonehaven UK Limited, registered in England and Wales no. 05487702. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA.
Stonehaven UK Limited is authorised and regulated by the Financial Conduct Authority.
www.canadalife.co.uk
- Canada Life MI & Swiss Re, 2022