Bulk annuities latest: Brookfield approved for Just acquisition

The Financial Conduct Authority and Prudential Regulatory Authority have signed off on the £2.4bn takeover, meaning the deal will officially complete on 1 April.

The deal was announced in late July last year and received the backing of shareholders in September. South African regulators also approved the deal from their perspective as overseers of Just’s South African subsidiary.

Announcing the deal last year, Just Group chief executive David Richardson said the acquisition would “enable Just to broaden its reach and enhance its offering, which will accelerate the fulfilment of our purpose to help more people achieve a better later life”.

Canada Life insures pharma company scheme for £30m

Pharmaceutical distribution firm Phoenix Medical Supplies has insured its defined benefit (DB) pension scheme for £30m in a deal with Canada Life.

The buy-in transaction secures the benefits of more than 145 pensioners and 80 deferred members of the Phoenix Medical Supplies Pension Scheme.

Barnett Waddingham was the lead broker on the deal, having acted as an adviser to the trustees for more than 20 years. Trustee board chair Kevin Hudson said the long-standing relationship had been “invaluable” to the scheme reaching buy-in.

David Simpson, senior consulting actuary at Barnett Waddingham, 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.”

Gateley Legal provided legal advice to the trustees, while Canada Life was advised by its in-house legal team.