Canada Life has entered the bulk annuity market by securing its first transaction worth £5m with Oundle School.

The deal, which was brokered by JLT Employee Benefits, has given Canada Life entry into the bulk annuity market and also allowed Oundle School to conduct a trivial commutation exercise.

The deal covers around 150 members of the pension and life assurance plan for non-teaching staff of Oundle School.

JLT Employee Benefits said it believed Canada Life’s entry into the market would “increase competition”.

It further said the transaction highlights the ability to integrate risk management exercises, such as trivial commutation or pension increase exchange, with a BPA, even for smaller transactions.

The consultancy firm’s senior buyout consultant Dave Barratt said: “This is a very interesting time for the smaller end of the bulk annuity market. As more insurers enter the market, smaller schemes will have greater access to de-risking transactions.”

Canada Life head of retirement income Richard Priestley added: “We were delighted to complete our first bulk annuity transaction with JLT Employee Benefits, who was able to run a smooth and efficient broking process for the trustees as well as for us.”

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