Investment - Articles - Canada Life secures full scheme buy in valued at GBP28m


The Norgine Limited Retirement Benefits Scheme has insured the benefits of its defined benefit pension scheme with Canada Life in a full buy in transaction of £28m, following a competitive tender process run by Mercer.

 The transaction secures the benefits of 308 members, of which 152 are deferred members.

 The Scheme received legal advice from Baker McKenzie, while Canada Life received legal advice from their in-house legal team.

 Linda Gilhooly, Head of Business Development, Bulk Purchase Annuities at Canada Life commented: “We are delighted the scheme chose us as their de risking partner, securing the benefits from both in payment and deferred members. We continue to focus on developing our capability to meet the growing market demand and enabling schemes and sponsors to secure the long-term future of their members with a financially strong global organisation like Canada Life.

 Helen Ross-Smith, Risk Transfer consultant and lead adviser, from Mercer said: “This is a great outcome for the Trustees and their members. The fact they were able to run a competitive process for a deal of this size is credit to the Trustees’ great governance and robust preparation. It has been a pleasure working with the Trustees, their other advisers and Canada Life on completing this transaction.”
  

Back to Index


Similar News to this Story

IHT tops half a million pounds for almost one in ten estates
New FOI by Rathbones reveals how much estates have paid in IHT. In the 2021/22 tax year (latest figures), 2,520 estates paid more than £500,000 in inh
Inheritance Tax receipts hits £2.2billion in Q1 2025 to 26
Broadstone and Wealth Club comment on HMRC update showing that Inheritance Tax (IHT) receipts totalled £2.22 billion through the first quarter of the
Pledge to progress as £11bn invested in productive assets
The insurance and long-term savings industry is making positive progress towards its pledge to invest £100 billion into assets which contribute to eco

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.