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ICAEW’s pension scheme completes £50 million buy-in with Canada Life

06 Jan 2022

The Institute of Chartered Accountants’ Staff Pensions Fund has today announced the completion of a £50 million bulk annuity buy-in transaction with Canada Life Limited. This is the third successful transaction for the Fund and its first with Canada Life.

Canada Life will insure the defined benefit pension liabilities of around 200 pensioner members, removing the investment and longevity risk of these members from the Fund. Members will experience no change in the benefits they receive or the way in which they are paid.

The Fund’s Trustee was independently advised throughout the process by Hymans Robertson and Eversheds Sutherland.

Edward Levy on behalf of Law Debenture, as Chair of the Trustee of the Fund, said:

“The Trustee is delighted to have entered into this buy-in to secure the benefits due to our members and further reduce longevity and investment risk within the Fund. It was a great team effort, with Hymans Robertson’s leadership and advice continuing to provide excellent support for our de-risking journey.”

James Mullins, Head of Risk Transfer at Hymans Robertson and lead adviser on the transaction, added:

“Hymans Robertson is pleased to have helped the Trustee get an excellent price in a busy insurance market and take another meaningful step in its de-risking journey. The bulk annuity market finished 2021 strongly and we expect this to continue into 2022.”

Nick Flynn, director of retirement income at Canada Life added:

“Canada Life is thrilled to have been part of the Fund’s continuing de-risking journey. The bulk annuity market is continuing to grow from strength to strength and it’s been a pleasure to secure this fantastic result for the Fund and its members.”

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