HSB Engineering Insurance Services pension scheme has completed a £36m full-scheme buy-in with Canada Life, securing the benefits of 191 pensioner and 128 deferred members.
The scheme sponsor, HSB UK & Ireland, is an underwriter focused on engineering and technology insurance and inspection services. It operates across construction, manufacturing, leisure, retail and commercial sectors, as well as public services.
The scheme trustees were led by professional trustee firm, Vidett.
Commenting on the transaction, Vidett client director, Ben Salmons, said: “As with many schemes, the journey to buy-in has been a long road.”
He added: “Canada Life provided competitive pricing, but equally importantly showed commitment to delivering great outcomes for the scheme and our members.
“This transaction is a hugely positive step for members, and we look forward to continuing the work post transaction.”
Canada Life managing director, bulk purchase annuities, Shreyas Sridhar, said: “This transaction provides members with confidence that their benefits will be secured into and throughout retirement by a trusted, well-capitalised and dependable partner.”
Mercer acted as lead broker on the deal, as well as actuarial and investment adviser to the scheme.
Mercer senior principal and risk transfer consultant, Helen Ross-Smith, called the transaction “an important milestone” for the scheme and its members.
The trustees were advised on legal issues by Pinsent Masons while Canada Life was advised by its in-house legal team.
