An unnamed financial services sector pension scheme has completed a full-scheme buy-in deal with Canada Life.

The transaction secured the benefits of more than 80 pensioners and 60 deferred members.

Hymans Robertson acted as lead broker on the transaction and adviser to the scheme.

The scheme trustees were given legal advice by Stephenson Harwood, while Canada Life was advised by its in-house legal team.

PBW Administration acted as administrator, Goddard Perry was the scheme’s actuarial adviser, and Triangle Pensions provided scheme secretarial services.

Commenting on the buy-in, Canada Life managing director, bulk purchase annuities, Shreyas Sridhar, said: “We would like to thank the trustees for choosing Canada Life to securely protect this pension scheme’s future member benefits.

“This transaction was very swiftly completed thanks to Canada Life’s agile handling of bespoke buy-in arrangements combined with cross-party collaboration.”

Hymans Robertson risk transfer specialist, Sam Warburton, added: “We are delighted to have supported the trustees in taking this important step in their de risking journey.

“Strong collaboration across all parties enabled a smooth and efficient transaction, helping the trustees secure an excellent outcome in a busy year for the bulk annuity market.

“We look forward to continuing to support the trustees through the next stages of their journey.”

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