The A.G. Barr pension scheme has completed a third and final pension scheme buy-in worth £41m with Canada Life, securing the benefits of around 300 members of the company’s defined benefit (DB) pension scheme, including 160 deferred members and 140 pensioners.

The transaction follows two earlier buy-ins in 2016 and 2018.

Together, the three deals mean that all of the scheme’s liabilities are now insured with Canada Life.

The latest transaction builds on an established partnership between the scheme’s trustee, its adviser Hymans Robertson, and the insurer.

Hymans Robertson acted as the scheme’s broker, actuarial adviser, administrator and de-risking investment adviser, while Shepherd and Wedderburn LLP provided legal advice to the trustee.

Canada Life was advised by its in-house legal team.

Canada Life managing director for bulk purchase annuities, Shreyas Sridhar, said the strong working relationship between all parties helped deliver a smooth and successful outcome.

“We are proud that the trustee chose to work exclusively with Canada Life on this transaction,” Sridhar continued.

“Through our earlier deals, our team has invested time in understanding how the scheme operates and ‘bottled’ that knowledge.

"By monitoring market conditions and affordability with Canada Life, the trustee board was able to move quickly at the right time to execute the buy-in.”

Hymans Robertson risk transfer specialist and lead adviser, Mahad Farooqui, stated that completing the final buy-in marked a “major milestone” in the scheme’s de-risking journey.

“The continuity of working with the same insurer across all three transactions has brought real efficiencies and confidence to the process,” he said.

“It’s a great outcome for the trustee and members of the scheme.”

Hymans Robertson partner and scheme actuary, Amanda Switzer, added that the result reflected years of careful long-term planning.

“We’ve seen the scheme’s funding go from strength to strength and are proud to have supported the trustee in reaching the point where members’ benefits are fully secured,” she said.

Echoing this, Shepherd and Wedderburn senior associate, Richard Jones, who advised on all three transactions, noted that the final buy-in represented the culmination of a clear and well-developed strategy.

“Completing this final transaction provides greater security for the scheme’s members and marks a significant achievement for the trustee board,” he concluded.

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