Canada Life has completed a £172m buy-in of the Nationwide Building Society’s closed DB pension fund.
The transaction relates to pensions in the fund’s Cheshire and Derbyshire section and insures the fund against changes in the cost of providing benefits to these members. Canada Life was selected following a competitive tender process led by Aon.
Catherine Redmond, trustee executive for BESTrustees and chair of the Trustee Board at Nationwide Pension Fund says: “This transaction is great news for Nationwide Pension Fund and its members, reducing risk and helping to further secure our members’ pensions. As a trustees board we are delighted to have taken this substantial step on our long-term de-risking journey.”
Tom Scott, associate partner in the Aon Risk Settlement Group adds: “A buy-in was the natural next step in the fund’s de-risking journey. The transaction is a great example of what can be achieved through preparation, negotiation balanced with flexibility over the transaction process and timing, and collaboration between parties.”
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