Canada Life has completed one of its biggest bulk annuity deals, a £361m buy-in with an unnamed pension scheme.
The transaction covers more than 850 deferred members and approximately 650 pensioners.
Shreyas Sridhar, business development director for bulk annuities at Canada Life, said: “Completing this transaction is a significant milestone for Canada Life. It is our largest deal to date covering deferred lives, and continuing evidence that we have the capability to look after complex schemes with both deferred members and pensioners.”
Andrew Pugh, risk transfer principal at Mercer, added: “It is rewarding to see the scheme’s de-risking journey conclude in a way that secured all the members’ benefits and some agreed augmentations the trustees had asked for.
Mercer was the lead broker and the derisking and investment adviser to the scheme’s trustee board. CMS provided legal advice and Capita was the actuarial adviser and administrator. Canada Life was advised by Eversheds Sutherland, and the employer was advised by Sackers.
Aviva insures bankrupt sponsor’s scheme for £5m
Aviva has completed a £4.8m buyout with the A Gomez Limited Retirement Benefits scheme.
The pension scheme was sponsored by a fresh food company before it entered administration in 2024. A buy-in was secured in July last year and the buyout was completed in January this year.
Nigel Modlinsky of Apex Pension Trustees said that, following the sponsor’s collapse, “the focus turned to ensuring full benefits were secured for members in the scheme, in a short time”.
“From a standing start, we have moved through data cleanse, quotation phase, buy-in to buyout in less than a year,” he added. “It shows what can be done if you surround yourself with motivated people and I extend my thanks to all involved at Aviva, XPS and Burges Salmon for a positive experience.”
The transaction was carried out through Aviva Clarity, a “streamlined” service provided by the insurer to make it easier for small pension schemes to secure a bulk annuity.
Emma Thomas, bulk annuity deal manager at Aviva, said “excellent preparation” by Apex Pension Trustees, the sole trustee for the pension scheme, and lead adviser XPS Group, meant the process was “incredibly well run and collaborative”.
