Insurance and financial services company Canada Life has completed an £80 million buy-in deal with Safeway Pension Plan, protecting the future benefits of more than 350 deferred members and 1,450 pensioners.
The Safeway Superannuation Scheme is sponsored by Safeway Stores Limited, a division of Morrisons Supermarkets Group.
In this transaction, Aon served as lead broker to the plan’s trustees and as actuarial advisor to the plan. Hymans Robertson serves as investment advisor.
Clifford Chance and Gowling WLG advised the trustees on legal matters, while Canada Life was supported by its in-house legal team.
Shreyas Sridhar, Managing Director of Bulk Purchase Annuities at Canada Life, said: “I am delighted to be part of this partnership to help Safeway Pension Plan achieve a buy-in agreement, and I would like to thank the trustees for choosing Canada Life to ensure the welfare of their members.
“Cooperation between all parties was critical to expediting the transaction. Within the tight timeframe, the joint working group held an early management readiness call to ensure the program was ready once Canada Life became its exclusive insurer, and efficient due diligence enabled the agreement to be completed quickly.”
Steve Southern, Chairman of the Trustees, commented: “As our sixth buy-in transaction, this is an important milestone in our long-term de-risking journey and highlights the close collaboration between the Trustees and Morrisons Supermarkets Group, working together through our joint working group to ensure the interests of our members.”
James Staveley-Wadham, associate partner at Aon, said: “We have worked with the Safeway pension plan trustees at multiple stages of the risk reduction process, and Canada Life’s support is another important milestone. The trustees have a highly engaged board, which allows us to act quickly while maintaining a clear focus on ensuring member interests.”
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