Canada Life, a life insurance, pensions and investment company, has completed the full subscription of £30 million of the Phoenix Medical Supplies Pension Scheme, protecting the future benefits of more than 145 pensioners and 80 deferred members.
Barnett Waddingham played a number of roles in the transaction, serving as lead broker in addition to serving as advisor and administrator of the scheme. The trustees received legal advice from Gateley Legal, while Canada Life was supported throughout the process by its in-house legal team.
Shreyas Sridhar, Managing Director of Bulk Purchase Annuities at Canada Life, said: “We are grateful to the trustees for choosing Canada Life and to everyone involved for working so effectively together to ensure the future benefits of pension plan members. The long-standing relationship between the plan and its team of experienced advisors, as well as Canada Life’s agile ability to provide tailored de-risking solutions, ensured the smooth processing of this buy-in transaction.”
David Simpson, principal and senior consulting actuary at Barnett Waddingham, part of Howden, commented: “It is a privilege to be able to support the trustees in reaching this important milestone. Barnett Waddingham has been the scheme actuary since 2005 and we have worked closely together for over 20 years to strengthen the long-term security of the scheme. Achieving full buy-in for the scheme is testament to this ongoing partnership and the trustees’ commitment to providing certainty to members.”
Kevin Hudson, chairman of the trustees, added: “The trustees are delighted that this acquisition provides long-term security for our pensioners and deferred members. We are grateful to Phoenix for their continued support in enabling us to reach this goal and to our advisers for their support throughout the process, especially Barnett Waddingham’s long-term involvement has been invaluable in achieving this goal. “We are also pleased with the collaborative approach Canada Life has taken to ensure our pension transactions run smoothly and efficiently for the benefit of our members.” “
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