Canada Life Completes £55m Pension Buy-In for Energy Scheme

Canada Life has completed a £55 million buy-in transaction with an energy industry pension scheme. The deal secures benefits for more than 250 pensioners and 450 deferred members.

Katie Sokolowski, Business Development Lead, Bulk Purchase Annuities at Canada Life, said the firm is pleased to support the Trustees in securing this important step on their de-risking journey.

Maria Keen, Trustee Director at Independent Governance Group, said the transaction marks a significant milestone for the Scheme and provides long-term security for members’ benefits. She added that the collaborative support of advisers and Canada Life helped complete a well-structured buy-in that aligns with the Trustee’s de-risking objectives.

Aon acted as lead broker and the scheme’s actuarial and investment adviser. The Trustees were advised on legal issues by Eversheds Sutherland, and Canada Life by its in-house legal team.

Lisa Varley, Associate Partner at Aon, said the deal is a good example of how Aon's streamlined Pathway process can help trustees and sponsors achieve their goals efficiently. She noted that Pathway addresses all elements needed for a smooth transaction, allowing collaborative work with the insurer, sponsor, and trustee to deliver a successful outcome for members.