Overview of the Transaction
Canada Life has completed a £361 million full-scheme buy-in transaction with an unnamed pension scheme, covering over 850 deferred members and approximately 650 pensioners. This marks Canada Life’s largest single transaction to date covering deferred lives.
Advisers and Legal Counsel
Mercer acted as the lead broker and was the Trustees’ de-risking and investment adviser. CMS advised the Trustees on legal issues, while Capita served as the scheme’s actuarial adviser and administrator. Eversheds Sutherland advised Canada Life, and Sackers advised the employer.
Comments from Key Stakeholders
Shreyas Sridhar, Business Development Director, Bulk Purchase Annuities at Canada Life, commented: “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, said: “As the lead broker on this buy-in, 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.”
