Canada Life has completed a £55 million buy-in transaction with an energy industry pension scheme, which secures the future benefits for more than 250 pensioners and 450 deferred members.
Katie Sokolowski, Business Development Lead, Bulk Purchase Annuities at Canada Life, said that the firm is pleased to support the Trustees in securing this important step on their de-risking journey.
Sokolowski added, “This pension scheme buy-in provides long-term security for members’ benefits in the energy sector, and is tailored in a robust manner that fits naturally with the scheme’s existing strategy.”
Maria Keen, Trustee Director at Independent Governance Group, commented, “This transaction marks a significant milestone for the Scheme and provides long‑term security for our members’ benefits.
“We are grateful for the collaborative support of our advisers and Canada Life in helping us complete a well‑structured buy-in that aligns with the Trustee’s de‑risking objectives.”
Aon acted as lead broker and the scheme’s actuarial and investment adviser on the deal, while the Trustees were advised on legal issues by Eversheds Sutherland and Canada Life by its in-house legal team.
Lisa Varley, Associate Partner at Aon, said, “At a time when more and more smaller schemes are coming to the market, this is a good example of how our streamlined Pathway process can help trustees and sponsors achieve their goals efficiently.
“Pathway actively addresses all the elements needed for a smooth transaction, meaning we were able to work collaboratively with the insurer, the sponsor and with the trustee, IGG, to deliver this successful outcome for members.”
