The Rathbone Group 1987 Pension Scheme and the Laurence Keen Retirement Benefits Scheme has completed a £100m buy-in deal with Canada Life, insuring the defined benefit (DB) pension liabilities for around 480 members.

Whilst the deal will remove the investment and longevity risk of these members from the schemes, members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

The transaction was instigated by a joint working group of the schemes’ trustees and Rathbones Group Plc, with insurance broking support provided by Isio, legal advice provided by Burges Salmon, and investment and actuarial advice from Broadstone.

Trustee chair, Richard Lanyon, said it was “fantastic” to have made this step to further enhance the security of members' benefits, stating: “Trustees and Rathbones have been cooperatively involved in the schemes' de-risking journey in conjunction with our advisers. Seeing the results of this effort come to fruition is very rewarding.”

Adding to this, Rathbones Group group chief financial officer, Iain Hooley, said: “We are very pleased to have worked closely with the trustees and advisers in fully securing the benefits of all members with a highly respected insurer.

“The support of Canada Life enhances the security already offered to scheme members and substantially de-risks the Group's balance sheet. We are grateful to the schemes’ trustees and all advisers for their efforts and attention to detail in achieving this outcome."

Isio director, Andrew Cooper, added: “We are delighted to have helped the trustees secure members’ benefits with Canada Life.

"By undertaking insurer focussed preparation and achieving strong market engagement, all parties were able to work quickly and collaboratively to reach a great outcome for members, the schemes and Rathbones.”

Canada Life business development manager, Natalie Keeble, also stressed the importance of the collaborative approach taken, noting that there has been ”very high levels of activity in the market as schemes seek to capitalise on the competitive terms available”.

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