An energy industry pension scheme has completed a £55m buy-in transaction with Canada Life, securing the benefits of more than 250 pensioners and 450 deferred members.
Aon acted as lead broker on the deal and also advised the scheme on actuarial and investment matters.
Legal advice to the trustees was provided by Eversheds Sutherland, while Canada Life was supported by its in-house legal team.
Commenting on the transaction, Canada Life business development lead, bulk purchase annuities, Katie Sokolowski, said: “We are pleased to support the trustees in securing this important step on their de-risking journey.
“This pension scheme buy-in provides long-term security for members’ benefits in the energy sector and is tailored in a robust manner that fits naturally with the scheme’s existing strategy.”
Independent Governance Group (IGG) trustee director, Maria Keen, said the transaction represented an important milestone for the scheme.
“We are grateful for the collaborative support of our advisers and Canada Life in helping us complete a well-structured buy-in that aligns with the trustee’s de-risking objectives,” she added.
Meanwhile, Aon associate partner, Lisa Varley, highlighted the growing number of smaller schemes entering the bulk annuity market.
“At a time when more and more smaller schemes are coming to the market, this is a good example of how our streamlined pathway process can help trustees and sponsors achieve their goals efficiently,” she continued.
“Pathway actively addresses all the elements needed for a smooth transaction, meaning we were able to work collaboratively with the insurer, the sponsor and the trustee, IGG, to deliver this successful outcome for members.”
