Canada Life has completed its third deferred-member buy-in, in a transaction of £30m ($36.5m, €34,6m) .
The Andrew Sykes Group Pension Scheme has insured the benefits of its defined-benefit pension scheme with Canada Life securing the benefits of around 440 scheme members, of which around 160 are deferred members.
Tim Coulson managing director bulk purchase annuities at Canada Life, commented: “Delivering our third deferred-member transaction in just three months shows how busy the buy-out market is.”
Tushar Bhate, head of pensions at Neon Legal, which advised the scheme, added: “It is difficult for smaller schemes to obtain both the legal and commercial expertise required to complete projects of this nature, and we think this is a great example of how to successfully achieve a buy-in with a positive outcome for members of the scheme, at value.”
