Canada Life has completed its first deferred member transaction after securing a £58 million deal to cover the defined benefit pension plan benefits of an unnamed pension scheme.
Over 300 deferred members are among the 570 members whose benefits are secured by the deal. CMS provided legal counsel to the Scheme. Along with their internal legal staff, Canada Life also sought legal counsel from Eversheds.
Canada Life bulk purchase annuities managing director Tim Coulson says: “By offering to protect the benefits of members it’s great to be able to deliver our first deferred scheme. As we continue to focus on developing our capability, we look forward to participating in wider opportunities in a rapidly growing market.”
Hymans Robertson lead transaction adviser and Head of Core Transactions Iain Church says: “We are very pleased to have de-risked the Scheme for its members and led Canada Life’s first deferred transaction. This transaction is also a great milestone for the wider bulk annuity market, with another insurer having now developed the capability to insure deferred members.
“With increased market busyness making it harder for schemes of this size to get insurer engagement, this transaction shows there continues to be opportunities for schemes like this to secure an excellent transaction and pricing if they approach the market in the right way. This great outcome was only possible due to the effort and willingness of the Scheme’s Trustees, their advisers, and the team at Canada Life, and it was a pleasure to be a part of.”
CMS partner Natalie Mee says: “We are delighted to secure this excellent outcome for the Scheme and its members. In an increasingly busy market, it’s great to see Canada Life completing their first deferred buy-in, and we were pleased to be a part of helping them reach this milestone, in the interests of our client. It has been a pleasure to work so collaboratively with the Trustee, Hymans Robertson and the Canada Life team on this transaction. A huge thank you to everyone involved for their hard work and positivity.”
Eversheds Sutherland partner Mark Latimour says: “We are delighted to have supported Canada Life on their first ever deferred member transaction which represents the culmination of a significant work by the team at
