On the go: The circa £7bn Nationwide Pension Fund has completed a £172mn bulk annuity transaction with Canada Life for its circa £338.2mn Cheshire and Derbyshire Section.
The buy-in with Canada Life will insure the fund against changes in the cost of providing benefits to members.
Catherine Redmond, chair of the trustee board at Nationwide Pension Fund and trustee executive for BESTrustees, commented: “This transaction is great news for Nationwide Pension Fund and its members, reducing risk and helping to further secure our members’ pensions.
“We, as a trustee board, are delighted to have taken this substantial step on our long-term derisking journey.”
The scheme also disclosed that it is closely monitoring the war in Ukraine and its potential impacts on the fund.
The fund said that its direct exposure to Russian assets is very limited and the chief investment officer’s team is working closely with the trustee’s advisers and investment managers to monitor the fund’s operations and investments.
This article originally appeared on MandateWire.com
