An unnamed UK pension scheme has completed a £105m full-scheme buy-in with Canada Life, securing the benefits of more than 1,800 members.

The transaction will cover over 350 deferred members and more than 1,450 pensioners, with the buy-in insuring the scheme’s liabilities and providing greater security for members’ benefits.

LCP acted as lead transaction adviser on the deal, while Gowling WLG provided contract advice to the trustee.

The trustee was supported by its secretariat, The Trustees Office, and received legal advice from Gunnercooke.

Mercer acted as the scheme’s actuarial and investment adviser, while Canada Life was advised by its in-house legal team.

The scheme was sponsored by a firm in the industrial sector.

Canada Life managing director of bulk purchase annuities, Shreyas Sridhar, said the transaction demonstrated the insurer’s ability to support schemes through tailored derisking solutions.

“We are delighted that the trustee chose Canada Life to insure the pension scheme benefits of its members,” Sridhar stated.

“The smooth and swift completion of this deal reflects all parties working collaboratively to ensure members enjoy financial security and a positive experience as they journey into and through retirement, alongside Canada Life’s ability to deliver bespoke derisking solutions for schemes of all sizes.”

LCP partner, Sam Jenkins, added that the consultancy was pleased to support the trustee throughout the process.

“We tailor our streamlined buy-in process to set each of our transactions up for success, and it was rewarding to see that reflected so clearly in this case.

"We worked closely with the trustee and its advisers to prepare robustly before approaching insurers, leveraging our pre-negotiated contracts to secure an excellent outcome for the scheme and its members.”

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