Norgine pension scheme agrees £28m buy-in with Canada Life

The Norgine Limited Retirement Benefits Scheme has secured a £28m full buy-in with Canada Life, securing the retirement benefits of 308 members, including 152 deferred members.

The deal was completed following a competitive tender process led by Mercer.

The scheme received legal advice from Baker McKenzie, while Canada Life received legal advice from its in-house legal team.

Risk transfer consultant and lead adviser at Mercer, Helen Ross-Smith, described the buy-in as a "great outcome" for the trustees and their members.

She said: "The fact they were able to run a competitive process for a deal of this size is credit to the trustees’ great governance and robust preparation. It has been a pleasure working with the trustees, their other advisers and Canada Life on completing this transaction."

Head of business development, bulk purchase annuities at Canada Life, Linda Gilhooly, added: "We are delighted the scheme chose us as their de-risking partner, securing the benefits from both in payment and deferred members.

"We continue to focus on developing our capability to meet the growing market demand and enabling schemes and sponsors to secure the long-term future of their members with a financially strong global organisation like Canada Life."



Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.