Canada Life has completed a £55 million buy-in deal with the Energy Industry Pension Plan, providing future benefit security for more than 250 pensioners and 450 deferred members.
Katie Sokolowski, Canada Life’s head of business development for bulk purchase annuities, said the company is pleased to support fiduciaries taking this important step in their de-risking journey.
Sokolowski added: “This pension scheme buy-in provides long-term security for the interests of energy industry members and is tailored in a strong way that is a natural fit within the scheme’s existing strategy.”
Maria Keen, trustee director of Independent Governance Group, commented: “This transaction marks an important milestone for the scheme and provides long-term security for the interests of our members.
“We are grateful for the collaborative support of the advisor and Canada Life in helping us complete a well-structured buy-in that is consistent with the trustee’s risk reduction objectives.”
Aon acted as lead broker on the transaction and as actuarial and investment advisor to the plan, while the trustees were advised on legal issues by Eversheds Sutherland and Canada Life’s in-house legal teams.
Lisa Varley, associate partner at Aon, said: “At a time when more and more smaller schemes are entering the market, this is a great example of how our streamlined articulation process can help trustees and sponsors achieve their objectives effectively.
“Pathway proactively addresses all elements required for a smooth transaction, meaning we are able to work with insurers, sponsors and trustee IGG to deliver successful outcomes for members.”
