European pharmaceutical company Norgine has insured the benefits of its defined benefit pension scheme with Canada Life in a full buy-in transaction of £28m.
The transaction, which follows a competitive tender process run by Mercer, secures the benefits of 308 members, of which 152 are deferred members.
“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,” said Linda Gilhooly, Head of Business Development, Bulk Purchase Annuities at Canada Life.
“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,” added Helen Ross-Smith, Risk Transfer Consultant and Lead Adviser at Mercer.