Canada Life has completed a £52 million full-scheme buy-in transaction, securing the future benefits for 300 pensioner and 130 deferred members in the metals industry.
Its sponsor is Sheffield-based alloys manufacturer Special Melted Products Ltd.
XPS acted as lead broker and investment adviser to the pension scheme while Mercer acted as actuary. The Trustee was advised on legal issues by Gunnercooke, and Canada Life was advised by its in-house legal team.
Krishan Chauhan, Business Development Lead, Bulk Purchase Annuities at Canada Life, commented:
“Canada Life is pleased to have forged a relationship with the Trustee and its pension scheme advisers to preserve pension benefits for its members. This buy‑in provides long‑term security, with members’ benefits backed by a strong and experienced insurer.”
Jo Harris, Chair of the Trustee, said:
“Dalriada Trustees Limited is delighted to announce the buy-in transaction with Canada Life. This transaction represents a major milestone in the Plan’s de-risking journey. The transaction improves the security of our members’ pensions and reflects the dedication of all parties to achieve an excellent outcome for the Plan.’’
David Barratt, Associate Partner at XPS, said:
“This transaction demonstrates the value that can be achieved through close collaboration between all parties and strong insurer engagement. The project was focused on delivering long-term security for the Plan’s members, and Canada Life’s collaborative approach helped secure an excellent outcome. This has enabled the Trustees to confidently secure members’ benefits through this important transaction.”
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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 Limited, registered in England and Wales with registration no. 3846821. Registered office: Level 37, 22 Bishopsgate, London EC2N 4BQ. 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.