The West Bromwich Building Society Staff Retirement Scheme (the Scheme) has completed a circa £70m buy-in transaction with Canada Life. This transaction will secure the benefits of all uninsured scheme members, covering circa 490 deferred members and 400 pensioner members.
Lane Clark & Peacock (LCP) acted as risk transfer adviser to the Trustee, with legal advice provided by Gowling WLG. Canada Life was advised by its in-house legal team.
The transaction utilised the LCP Streamlined Buy-in Service allowing for a smooth and efficient process. This service is specifically designed for schemes looking to do transactions under £200m.
Shreyas Sridhar, Business Development Director, Bulk Purchase Annuities at Canada Life commented:
“In a highly competitive market, which continues to experience significant growth, we are delighted that the Trustee has chosen to secure its members’ benefits with Canada Life. The transaction builds on the renewed momentum in our business, with a particular focus on insuring deferred members.
“We recognised the importance of offering a tailored solution to the Trustee that met the needs of the pension scheme, underpinned by Canada Life’s robust financial strength and resilience. We are grateful to the Trustee and its advisers for their collaboration in delivering an outstanding outcome for the Scheme’s members.”
Glyn Smith, Chair of the Trustee, commented:
“This is a very important step for the Trustee, securing all remaining member benefits with a world-class insurer. We have enjoyed working with Canada Life and LCP, and have been impressed by their responsiveness and by how smoothly the buy-in has been achieved.
“We are confident that we have achieved an excellent outcome for our members.”
Gareth Davies, LCP, lead adviser to the Trustee, commented:
“It has been a pleasure to have advised the Trustee on both the first buy-in transaction a decade ago, and this latest buy-in transaction which successfully concludes the Scheme’s journey to full buy-in.
“In the current busy market, we continue to see very high levels of engagement for well prepared and well-run processes, which is the hallmark of the LCP Streamlined Buy-in Service. I was delighted it helped the Trustee obtain several attractive insurer quotations giving them highly competitive pricing and robust terms.”
ENDS
Enquiries:
Press enquiries should be directed to:
Elle McAtamney, Canada Life, 07913 568213, elle.mcatamney@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.