The Institute of Chartered Accountants in England and Wales’ (ICAEW) Staff Pensions Fund has completed a £50m buy-in deal with Canada Life.

This transaction is the scheme’s third de-risking deal and its first with Canada Life.

Canada Life will insure the defined benefit (DB) pension liabilities of approximately 200 pensioner members.

There will be no change in the benefits affected members will receive or the way they receive them.

ICAEW’s Staff Pensions Fund was advised throughout the process by Hymans Robertson and Eversheds Sutherland.

Commenting on the announcement, scheme chair of the trustee, on behalf of Law Debenture, Edward Levy, 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.”

Hymans Robertson head of risk transfer and lead adviser on the transaction, James Mullins, 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.”

Concluding, Canada Life director of retirement income, Nick Flynn, said: “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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