Canada Life, a British insurer that provides life insurance and pension risk transfer services, has completed a £48 million acquisition of the oil and gas industry pension scheme.
The deal secures future benefits for more than 500 pensioners and deferred members.
WTW serves as lead broker and also provides plan actuary, administration through its OneDB platform and investment advisory services.
For legal counsel, Pinsent Masons represents the trustees, while Canada Life relies on its in-house legal department.
Andrew Nicolaou, Canada Life Bulk Purchase Annuity Business Development Manager, commented: “We are proud to support the trustees in achieving an important de-risking milestone for the plan and take an important step forward in ensuring long-term retirement income for its members.
“With Canada Life’s financial strength and extensive experience in the large annuity market, offering this buy-in solution reduces volatility for sponsors while providing long-term stability and security for plans and members.”
Tom Ashworth, director of risk transfer at WTW, said: “Since being appointed as a full-service adviser in 2019, we have been delighted to work closely with trustees and sponsors to develop and implement transaction strategies – managing illiquid assets, ensuring customized benefit features and ultimately improving members’ benefits.
“It’s great to secure this deal, working closely with the teams at Pinsent Masons and Canada Life to deliver successful outcomes for our clients and plan members.
He added: “We continue to see a lot of activity in this part of the market. Smaller plans now have a choice of insurers and, if they enter the market strategically, can secure bespoke deal functionality.”
