Canada Life has executed a buy-in transaction with the Samworth Brothers Limited Superannuation Scheme, covering £400m of assets and securing the future pension benefits of more than 3,000 pensioners and 4,000 deferred members in the food industry.
The scheme’s sponsor is UK food manufacturer Samworth Brothers, a fourth-generation family business, with award-winning brands such as Ginsters, Higgidy and Soreen. It is also a major supplier of high-quality private label food products to many of the UK’s leading food retail and food service companies.
Canada Life worked in close partnership with the trustee and sponsor to deliver a buy-in that met all of their risk transfer objectives. These included making the member experience transition as seamless as possible, and structuring features that supported the trustee’s and sponsor’s goals.
LCP led the transaction on behalf of the trustee and was also the scheme’s administrator, actuarial and investment adviser. Gowling WLG provided legal advice to the trustee. EY led the transaction execution and advice on behalf of the sponsor, Addleshaw Goddard provided legal advice to the sponsor, and Canada Life’s in-house legal team was supported by CMS and Simmons & Simmons.
Emma Watkins, CEO at Canada Life, commented: “Samworth Brothers is synonymous with good food and family, and we are proud to help secure long term security for more than 7,000 members of the superannuation scheme. This buy-in transaction is the result of clear priorities, strong collaboration and a well timed approach to the market – the key ingredients for a successful outcome.
“We are grateful to the trustee, the sponsor and their advisers for the constructive and pragmatic way they approached this transaction. Canada Life has been helping UK customers build and protect their financial futures for over 120 years, and we look forward to further supporting the trustee and members as we deliver dependable retirement income in the years to come.”
