The Norgine Limited Retirement Benefits Scheme1 has insured the benefits of its defined benefit pension scheme with Canada Life in a full buy in transaction of £28m, following a competitive tender process run by Mercer.
The transaction secures the benefits of 308 members, of which 152 are deferred members.
The Scheme received legal advice from Baker McKenzie, while Canada Life received legal advice from their in-house legal team.
Linda Gilhooly, Head of Business Development, Bulk Purchase Annuities at Canada Life commented:
“We are delighted the scheme chose us as their de risking partner, securing the benefits from both in payment and deferred members. We continue to focus on developing our capability to meet the growing market demand and enabling schemes and sponsors to secure the long-term future of their members with a financially strong global organisation like Canada Life.
Helen Ross-Smith, Risk Transfer consultant and lead adviser, from Mercer said:
“This is a great outcome for the Trustees and their members. The fact they were able to run a competitive process for a deal of this size is credit to the Trustees’ great governance and robust preparation. It has been a pleasure working with the Trustees, their other advisers and Canada Life on completing this transaction.”
ENDS
Enquiries:
Press enquiries should be directed to:
Paul Keeble at Canada Life, 07833 085387, paul.keeble@canadalife.co.uk
Notes to editors:
- The Norgine Limited Retirement Benefits Scheme is sponsored by Norgine Limited, a pharmaceutical company.
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, 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 42 million global customer relationships worldwide and £1.52trillion assets under administration (as at 31 December 2023).
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 to become the leading provider of competitively priced group insurance solutions. 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.