Canada Life has completed an £80 mn bulk annuity buy-in with the Safeway Pension Scheme, securing liabilities for more than 350 deferred members and about 1,450 pensioners. The scheme is sponsored by Safeway Stores Limited, part of Morrison Supermarkets Group.
The transaction marks the scheme’s sixth buy-in as trustees continue a phased de-risking program. Buy-ins transfer investment and longevity risk to an insurer while the scheme retains responsibility for member administration.
Aon acted as lead broker and actuarial adviser to the trustees. Hymans Robertson provided investment advice.
Clifford Chance and Gowling WLG supported the trustees on legal matters, while Canada Life relied on its in-house legal team.
Shreyas Sridhar, Managing Director of Bulk Purchase Annuities at Canada Life, said coordination across advisers and trustees enabled an accelerated timetable.
A joint working group initiated early administrative preparation to confirm data readiness, allowing due diligence to conclude quickly once Canada Life secured exclusivity.
Steve Southern, Chair of Trustees, described the deal as a milestone in the scheme’s long-term risk transfer strategy and pointed to ongoing cooperation with Morrison Supermarkets Group through a structured working group.
James Staveley-Wadham, Associate Partner at Aon, said the trustee board’s engagement allowed advisers to move at pace while maintaining focus on member benefit security.
We have worked with the Safeway Pension Scheme Trustees on several stages of their de-risking journey, and this buy-in with Canada Life is another important milestone.
James Staveley-Wadham, Associate Partner at Aon
“The Trustees have a highly engaged board, which allowed us to move swiftly while maintaining a clear focus on securing members’ benefits.”
According to Beinsure, UK bulk purchase annuity volumes remain elevated as schemes with improved funding levels seek insurer capacity amid competitive pricing and strong demand from well-capitalised providers. Canada Life continues to expand its footprint in the mid-sized transaction segment.
