The Andrew Sykes Group Pension Scheme has completed £30m buy-in with Canada Life, insuring the benefits of around 440 members, including 160 deferred members.

This is the third deferred member transaction Canada Life has completed, with the insurer selected following a competitive tender process run by Hymans Robertson.

Neon Legal provided the scheme trustees with legal advice, while Canada Life received legal advice from its in-house legal team.

Canada Life managing director, bulk purchase annuities, Tim Coulson, noted that the firm completing its third deferred member transaction in three months “shows how busy the buyout market is”.

“We will continue to focus on delivering fair value to trustees and their scheme members, developing our proposition to compete in wider opportunities in a rapidly growing market,” he added.

Hymans Robertson lead transaction adviser, Lara Desay, said the consultancy was “very pleased” to have helped the trustee secure the buy-in, noting that it can be hard for smaller schemes to get insurer engagement due to how busy the market is.

“However, this transaction shows there continues to be opportunities for small schemes to secure an excellent transaction and great pricing if they approach the market in the right way,” she continued.

“This outcome was only possible due to the efforts of the scheme’s trustees, their advisers, and the team at Canada Life.”

Neon Legal head of pensions, Tushar Bhate, concluded: “We are delighted to have advised the trustees on this transaction with Canada Life.

“It is difficult for smaller schemes to obtain both the legal and commercial expertise required to complete projects of this nature, and we think this is a great example of how to successfully achieve a buy-in with a positive outcome for members of the scheme at value.

“A great deal of credit is owed to the trustees, Canada Life and Hymans Robertson. The excellent collaboration between the parties ensured that the transaction was completed smoothly.”

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