Canada Life has completed a £52m full-scheme buy-in transaction, securing the future benefits for 300 pensioner and 130 deferred members in the metals industry.
Its sponsor is Sheffield-based alloys manufacturer Special Melted Products Ltd.
XPS acted as lead broker and investment adviser to the pension scheme while Mercer acted as actuary. The trustee was advised on legal issues by Gunnercooke, and Canada Life was advised by its in-house legal team.
Krishan Chauhan, business development lead, bulk purchase annuities at Canada Life, commented: “Canada Life is pleased to have forged a relationship with the trustee and its pension scheme advisers to preserve pension benefits for its members. This buy-in provides long term security, with members’ benefits backed by a strong and experienced insurer.”
