Nationwide Pension Fund, the closed defined benefit scheme for Nationwide Building Society, has completed a £172m buy-in with Canada Life.

The buy-in relates to pensioners in the fund’s Cheshire and Derbyshire section, and insures the fund against charges in the cost of providing benefits to those members.

The scheme was assisted in its buy-in preparation by both Aon, which selected Canada Life following a tender process, and Sackers, which provided legal advice.

The buy-in was described as the “natural next step” in Nationwide Pension Fund’s de-risking journey, as it seeks to further enhance the security of all Cheshire and Derbyshire section members.

BESTrustees trustee executive and Nationwide Pension Fund chair of the trustee board, Catherine Redmond, welcomed the buy-in, stating: “This transaction is great news for Nationwide Pension Fund and its members, reducing risk and helping to further secure our members’ pensions.

“We as a trustee board are delighted to have taken this substantial step on our long-term de-risking journey.

“The trustee is grateful to Aon and Sackers for their support and looks forward to working closely with Canada Life.”

Canada Life director of retirement income, Nick Flynn, added: “This transaction has been brilliant to work on as Nationwide’s Pension Fund takes further steps to protect the benefits of its members.”

Aon Risk Settlement Group associate partner, Tom Scott, commented: “A buy-in was the natural next step in the fund’s de-risking journey, further enhancing the security of all Cheshire and Derbyshire section members.

"The transaction is a great example of what can be achieved through preparation, negotiation balanced with flexibility over the transaction process and timing, and collaboration between parties.”

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