Canada Life has completed a £361 mn full-scheme buy-in with an undisclosed pension scheme, covering over 850 deferred members and about 650 pensioners. This marks the company’s largest transaction involving deferred lives.
Mercer served as the lead broker and advised the Trustees on de-risking and investment. CMS provided legal counsel to the Trustees, while Capita handled actuarial and administrative duties.
Eversheds Sutherland advised Canada Life, and Sackers represented the employer.
Shreyas Sridhar, Business Development Director for Bulk Purchase Annuities at Canada Life, highlighted the significance of the transaction. He noted that the deal reinforced the company’s ability to manage complex schemes with both deferred members and pensioners.
He also emphasized the competitive nature of the tender process and the company’s commitment to securing improved benefits for members.
We look forward to continuing the momentum that we have worked hard to build into 2025 and beyond.
Shreyas Sridhar, Business Development Director for Bulk Purchase Annuities at Canada Life
“This was a highly competitive tender process, and we are delighted that the Trustees chose Canada Life to insure the benefits of its members. By working with the Trustees and advisers, and building on the scheme’s strong funding position, we helped to secure improved benefits for the members that will enhance their financial security in retirement.
Andrew Pugh, Risk Transfer Principal at Mercer, stated that the transaction successfully secured all member benefits and included some agreed enhancements.
He noted that Mercer had guided the scheme’s de-risking efforts for years, ensuring a structured and efficient broking process that attracted strong insurer interest.
Mercer has advised this scheme for a considerable period of time on reducing investment risk and we undertook a clear and streamlined broking process which resulted in a large amount of interest from insurers and, ultimately, a positive outcome for the Trustees, members and the sponsoring company.
Andrew Pugh, Risk Transfer Principal at Mercer
Canada Life aims to maintain its momentum into 2025 and beyond, building on its growing presence in the bulk annuity market.
