Canada Life Completes £48 Million Pension Buy-in for 500-Member Oil and Gas Scheme

3 articles · Updated · Reinsurance News · Jul 3

£48 million of pension liabilities were insured in a full-scheme buy-in that secures future benefits for more than 500 pensioner and deferred members of an oil and gas scheme.
Canada Life said the deal marks a major de-risking step, cutting volatility for the sponsor while locking in longer-term income security for members.
WTW led the transaction as broker and also acted as scheme actuary, administrator and investment adviser, after working with the trustee and sponsor on strategy since 2019.
Pinsent Masons advised the trustees, while Canada Life used its internal legal team; WTW said smaller schemes are seeing strong insurer appetite and more scope for bespoke terms.

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