Food manufacturing company Bakkavor has secured a £160m full scheme buy-in for its defined benefit pension scheme with Rothesay, just months after it was acquired.
The deal covers more than 2,200 pensioners and deferred members of the Bakkavor Pension Scheme and was completed in March. Bakkavor was acquired by Greencore Group in January 2026.
Gemma Millington, managing director within WTW’s transactions team, said the Bakkavor scheme’s preparation work “enabled an approach to market within a month of agreeing to move forward with a buy-in”.
Millington added: “Against the backdrop of the sponsor acquisition, we worked with the trustee and other stakeholders to support an effective decision-making process and capitalise on the opportunity to meet the long-term objectives of the trustees and sponsor.”
Jane Scriven, chair of the trustee board, said: “Achieving this full scheme buy-in is a significant step in the scheme’s de-risking journey and secures our members’ pensions for the future. We are pleased that our substantial preparatory work, alongside Rothesay’s execution certainty, resulted in an efficient transaction that fully insures the scheme’s benefits.”
WTW was the lead adviser to the trustee board, while CMS and Squire Patton Boggs provided legal advice. Isio advised the sponsoring company, while PwC and Slaughter and May advised Greencore. Rothesay received legal advice from Sackers.
Member wellbeing hub launched by Canada Life
Canada Life has launched a new service for members of schemes it has acquired through buyouts, designed to offer a range of wellbeing services, tools, calculators and educational content.
The portal, named ‘Your Life’, includes a support service for members and their families to cover areas such as health, wellbeing, finance, and legal considerations. This service, known as ‘WeCare’, is already offered to Canada Life’s group protection and home finance customers.
The move comes as customer service is becoming an increasingly important aspect of bulk annuity market deals, with trustees keen to ensure members will be well looked after by their new provider. This is particularly important for transactions involving deferred members.
The range of services available through WeCare and Your Life includes access to phone or video GP consultations, mental health counselling, bereavement support, fitness programmes, and guidance on legal and financial matters.
Shreyas Sridhar, managing director for bulk annuities at Canada Life, said: “Member experience needs to evolve and safeguard retirees’ wellbeing in the round, rather than focusing solely on their pension considerations.
“Longevity is increasing, lifespans are more complex, retirees will require income and support for longer, and they expect a better quality of care from services supporting them…
“By rethinking what it means to care for members’ holistic wellbeing needs, and providing one destination of support that we can easily evolve with members’ requirements, we can help members feel confident in their later years.”
