Canada Life, an insurance and financial services company, has completed a £40 million takeover of the Financial Services Sector Pension Plan.
According to the announcement, the deal secures the future benefits of more than 80 pensioners and 60 deferred members.
In connection with the transaction, Hymans Robertson served as lead broker on the transaction and advisor to the program. Canada Life is advised by its in-house legal team.
Stephenson Harwood advised the trustees on legal matters, PBW Administration acted as administrator, Goddard Perry acted as actuarial adviser to the scheme and Triangle Pensions provided scheme secretarial services.
Shreyas Sridhar, Managing Director of Bulk Purchase Annuities at Canada Life, said: “We would like to thank the trustees for choosing Canada Life to safely protect the future member benefits of this pension plan.
“The transaction was completed very quickly due to Canada Life’s flexibility in handling customized buy-in arrangements and cross-party collaboration.”
Sam Warburton, risk transfer specialist at Hymans Robertson, commented: “We are delighted to support trustees in taking this important step in their de-risking journey.
“The close collaboration between all parties resulted in a smooth and efficient transaction, helping the trustees achieve an excellent result in a busy year for the large annuity market. We look forward to continuing to support the trustees in their next phase.”
