ICAEW’s pension scheme completes £50m buy-in with Canada Life

The Institute of Chartered Accountants’ Staff Pensions Fund has completed a £50 million bulk annuity buy-in transaction with Canada Life. This is the Fund’s third transaction and it’s first with Canada Life.

Canada Life will insure approximately 200 pensioner members’ defined benefit pension liabilities, removing these members’ investment and longevity risk from the Fund. The benefits members receive and the manner in which they are paid will remain unchanged.

Hymans Robertson and Eversheds Sutherland provided independent advice to the Fund’s Trustee throughout the process.

Law Debenture chair of the trustee of the fund Edward Levy says: “The Trustee is delighted to have entered into this buy-in to secure the benefits due to our members and further reduce longevity and investment risk within the Fund. It was a great team effort, with Hymans Robertson’s leadership and advice continuing to provide excellent support for our de-risking journey.”

Hymans Robertson head of risk transfer and lead adviser on the transaction James Mullins says: “Hymans Robertson is pleased to have helped the Trustee get an excellent price in a busy insurance market and take another meaningful step in its de-risking journey. The bulk annuity market finished 2021 strongly and we expect this to continue into 2022.”

Canada Life director of retirement income Nick Flynn says: “Canada Life is thrilled to have been part of the Fund’s continuing de-risking journey. The bulk annuity market is continuing to grow from strength to strength and it’s been a pleasure to secure this fantastic result for the Fund and its members.”

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