The Norgine Limited Retirement Benefits Scheme has secured a £28m full buy-in with Canada Life, securing the retirement benefits of 308 members, including 152 deferred members.

The deal was completed following a competitive tender process led by Mercer.

The scheme received legal advice from Baker McKenzie, while Canada Life received legal advice from their in-house legal team.

Mercer risk transfer consultant and lead adviser, Helen Ross-Smith, described the buy-in as a "great outcome" for the trustees and their members.

"The fact they were able to run a competitive process for a deal of this size is credit to the trustees’ great governance and robust preparation," she continued.

“It has been a pleasure working with the trustees, their other advisers and Canada Life on completing this transaction.”

Adding to this, Canada Life head of business development, bulk purchase annuities, Linda Gilhooly, said: “We are delighted the scheme chose us as their de risking partner, securing the benefits from both in payment and deferred members.

"We continue to focus on developing our capability to meet the growing market demand and enabling schemes and sponsors to secure the long-term future of their members with a financially strong global organisation like Canada Life.”

This is the latest in a number of small scheme buy-in deals, with industry experts stressing that, despite historical challenges, insurance transactions are “entirely achievable” for small defined benefit (DB) schemes, if they’re prepared and ready.

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