Royal Mencap Society pension scheme secures £61m bulk annuity deal

The Mencap Pension Plan has completed a £61m bulk annuity transaction with Canada Life, securing the benefits of 710 scheme members.

The transaction marked the first bulk annuity deal for the scheme, which is sponsored by The Royal Mencap Society, a UK charity for people with learning difficulties

The scheme trustees received advice throughout the transaction from Aon, while legal advice was provided by Eversheds Sutherland.

Mencap Pension Plan chair of trustees, Sally Pococke, highlighted the transaction as “a significant achievement” in the scheme’s strategy to continually reduce risk and improve the security of members’ benefits.

“The trustees appreciated the guidance and experience provided by the Aon team which enabled us to have open and constructive dialogue with Royal Mencap Society as we moved through the process,” she said.

The scheme secured competitive pricing through efficiencies provided by Canada Life and Aon's internal legal process, with Aon senior consultant, Joe Hathaway, stating that the firm was "particularly pleased" to help secure benefits for members in the charity sector once again.

“Aon’s streamlined pathway process and use of pre-negotiated contracts, together with nimble trustee decision-making, were fundamental in allowing the plan to move quickly and to complete the transaction once Canada Life was selected as the preferred insurer," he added.

Canada Life director of retirement income, Nick Flynn, commented: “This transaction has been a pleasure to work on and a fantastic opportunity to display our legal capabilities and expertise.

“The close collaboration and team-work of all parties means we have been able to secure excellent terms for the scheme and I am incredibly proud to have played a part in securing the benefits for Mencap’s pension plan members.”

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