The DAS Legal Expenses Insurance Company Limited Pension and Life Assurance Scheme has completed a £72m full scheme buy-in transaction with Canada Life, securing the benefits of 444 deferred members and 134 pensioners.

WTW was the lead adviser to the trustee on the deal, which was completed using WTW’s streamlined bulk annuity service, with legal advice provided by Burges Salmon, while Canada Life received legal advice from its in-house legal team.

Trustee chair, Karen Dursley, said that the deal was a "great outcome", which is expected to deliver improved security for scheme members.

"I’d like to thank the sponsor for their support throughout this process, as well as our advisers and the team at Canada Life for helping us to reach this significant milestone for the scheme," she stated.

Adding to this, Canada Life managing director, Tim Coulson, said: “The pension scheme de-risking market continues to be competitive, so we’re really pleased that we have completed this full scheme buy-in with the trustees and DAS.

"Through the transaction we’re able to offer long-term security and certainty for the scheme members, thanks to a collaborative effort of the trustees and advisers throughout the process.”

WTW, adviser to the trustee, Rhys Mellens, added: “The trustees and DAS worked collaboratively to approach insurers using WTW’s streamlined bulk annuity service, which resulted in competitive quotes from multiple insurers and ultimately a great outcome for the scheme’s members.

"With the market continuing to be exceptionally busy and insurers being increasingly selective on which cases they quote on, this transaction demonstrates the benefits of using an experienced adviser to increase engagement from insurers for smaller schemes.

"Contrary to some market observer views, we have found that schemes that are well prepared and well advised are able to obtain quotations from a number of providers. It was a pleasure to work with the trustees, DAS and Canada Life to complete this transaction.”

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