The Samworth Brothers Limited Superannuation Scheme has completed a £400m buy-in with Canada Life, securing the benefits of more than 3,000 pensioners and 4,000 deferred members.
The scheme is sponsored by UK food manufacturer Samworth Brothers, whose brands include Ginsters, Higgidy and Soreen.
LCP advised the trustees on the transaction, acting as administrator as well as actuarial and investment adviser. Gowling WLG provided legal advice to the trustees.
EY led transaction execution and advice for the sponsor, while Addleshaw Goddard acted as legal adviser.
Canada Life's in-house legal team was supported by CMS and Simmons & Simmons.
Samworth Brothers Limited Superannuation Scheme chair of trustees, Quentin Woodley, commented: “This transaction is a significant milestone for the scheme and provides greater security for our members' benefits.
“Three years ago, when the scheme had a substantive buy-in shortfall, few would have imagined that achieving a full buy-in would be possible in such a timeframe.”
Woodley thanked fellow trustees, advisers and the sponsoring employer for their roles in completing the transaction.
Canada Life chief executive, Emma Watkins, said the deal reflected a collaborative effort between all parties involved.
“Samworth Brothers is synonymous with good food and family, and we are proud to help secure long-term security for more than 7,000 members of the superannuation scheme," she added.
“This buy-in transaction is the result of clear priorities, strong collaboration and a well-timed approach to the market – the key ingredients for a successful outcome.”
EY UK financial services partner, Swapnil Katkar, said the deal further supported consolidation in the pensions market, “ultimately benefitting both UK savers and the economy.”
