Phoenix Medical Supplies has completed a £30 million full-scheme buy-in transaction for its pension scheme.
Through a transaction with Canada Life, the employer has secured the future benefits for more than 145 pensioners and 80 deferred members of its pension scheme.
Barnett Waddingham acted as lead broker on the deal and adviser and administrator to the scheme. The trustees were advised on legal issues by Gateley Legal. Canada Life was advised by its in-house legal team.
Kevin Hudson, chair of the scheme trustees, said: “The trustees are delighted that this buy‑in provides long‑term security for our pensioners and deferred members. We are grateful to Phoenix for its continuing support which has enabled us to reach this position, and for the support of our advisers throughout this process, particularly Barnett Waddingham, whose long-standing involvement has been invaluable in guiding us to this point. We are also pleased with the collaborative approach taken by Canada Life, which helped ensure a smooth and efficient transaction for the benefit of our members.”
Shreyas Sridhar, managing director, bulk purchase annuities at Canada Life, added: “We thank everyone involved for collaborating so efficiently to secure the pension scheme’s members’ future benefits. Long-standing relations between the scheme and its experienced adviser team as well as Canada Life’s nimble deftness for delivering tailored derisking solutions ensured the smooth processing of this buy-in transaction.”
David Simpson, principal and senior consulting actuary at Barnett Waddingham, part of Howden, said: “It’s been a privilege to support the trustees on their journey to this significant milestone. Barnett Waddingham has acted as scheme actuary since 2005, and over more than 20 years we have worked closely together to strengthen the scheme’s long‑term security. Reaching a full‑scheme buy‑in is a testament to that sustained partnership and the trustees’ commitment to delivering certainty for members.”
