An unnamed pension scheme has completed a £361m full scheme buy-in with Canada Life, covering over 850 deferred members and around 650 pensioners.

Mercer acted as lead broker and was the trustees’ de-risking and investment adviser, while legal advice was provided to the trustee by CMS.

Capita was the scheme’s actuarial adviser and administrator, whilst Canada Life was advised by Eversheds Sutherland, and the employer was advised by Sackers.

CMS partner, Natalie Mee, said the deal marks an "important milestone" for the trustee and the scheme, stating: "It was fantastic to advise the trustees on this significant buy-in transaction with Canada Life.

"It was a real team effort to get this over the line, and thanks go to all of the dedicated trustees, their advisers, and the excellent teams at CMS and Canada Life for all their hard work. We are proud to have played a role in securing a positive outcome for the members."

Canada Life bulk purchase annuities business development director, Shreyas Sridhar, also highlighted the transaction as "a significant milestone" for Canada Life itself, marking the group's largest single transaction to date covering deferred lives, with

"It is our largest deal to date covering deferred lives, and continuing evidence that we have the capability to look after complex schemes with both deferred members and pensioners," Sridhar stated.

“This was a highly competitive tender process, and we are delighted that the trustees chose Canada Life to insure the benefits of its members.

"By working with the trustees and advisers, and building on the scheme’s strong funding position, we helped to secure improved benefits for the members that will enhance their financial security in retirement.

"We look forward to continuing the momentum that we have worked hard to build into 2025 and beyond.”

Adding to this, Mercer risk transfer principal, Andrew Pugh, said: "As the lead broker on this buy-in, it is rewarding to see the scheme’s de-risking journey conclude in a way that secured all the members’ benefits and some agreed augmentations the trustees had asked for.

"Mercer has advised this scheme for a considerable period of time on reducing investment risk and we undertook a clear and streamlined broking process which resulted in a large amount of interest from insurers and, ultimately, a positive outcome for the trustees, members and the sponsoring company.

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