Canada Life has completed an £80million buy-in transaction with the Safeway Pension Scheme, insuring the future benefits of more than 350 deferred members and 1,450 pensioners.
The Safeway Pension Scheme is sponsored by Safeway Stores Limited, part of Morrison Supermarkets Group.
Aon acted as lead broker on the deal to the Trustees of the scheme, as well as being the scheme’s actuarial adviser, with Hymans Robertson acting as the investment adviser. The Trustees were advised on legal issues by Clifford Chance and Gowling WLG, while Canada Life was advised by its in-house legal team.
Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life, said:
“It’s been a real pleasure to be part of this collaboration to help the Safeway Pension Scheme reach a buy-in deal and I would like to thank the Trustees for choosing Canada Life to secure the benefits of its members.
“Collaboration among all parties was vital to achieving an accelerated transaction process. Working to a tight timescale, a joint working group held early admin preparation calls to ensure the scheme’s readiness, and efficient due diligence enabled swift completion of the agreement once Canada Life was exclusive as its insurer.”
Steve Southern, Chair of the Trustees, said:
“As our sixth buy‑in transaction, this is a significant milestone in our long‑term de‑risking journey and underlines the strong collaboration between the Trustees and Morrison Supermarkets Group, working together through our Joint Working Group to secure members’ benefits.”
James Staveley-Wadham, Associate Partner at Aon, said:
“We have worked with the Safeway Pension Scheme Trustees on several stages of their de-risking journey, and this buy-in with Canada Life is another important milestone. The Trustees have a highly engaged board, which allowed us to move swiftly while maintaining a clear focus on securing members’ benefits.”
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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.