Pension scheme completes £361m full-scheme buy-in with Canada Life

Written by Adam Cadle

10/03/2025

An unnamed pension scheme has completed a £361m full scheme buy-in transaction with Canada Life, covering over 850 deferred members and approximately 650 pensioners.

The deal is Canada Life’s largest single transaction to date covering deferred lives.

Mercer acted as lead broker and was the trustees’ de-risking and investment adviser. The trustees were advised on legal issues throughout the process by CMS, and Capita was the scheme’s actuarial adviser and administrator. Canada Life was advised by Eversheds Sutherland, and the employer was advised by Sackers.

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.

“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. We look forward to continuing the momentum that we have worked hard to build into 2025 and beyond.”

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