On the go: The £206.4m Institute of Chartered Accountants Staff Pensions Fund has completed a £50m buy-in transaction with Canada Life.
This is the third successful transaction for the scheme sponsored by the Institute of Chartered Accountants in England and Wales and its first with Canada Life, which will insure the defined benefit liabilities of around 200 pensioner members, removing the investment and longevity risk of these members from the fund.
The scheme previously completed bulk annuity deals in 2014 with Just Retirement and in 2015 with Partnership.
Edward Levy, professional trustee at Law Debenture, acting as chair of the trustee of the fund, said: “The trustee is delighted to have entered into this buy-in to secure the benefits due to our members and further reduce longevity and investment risk within the fund.”
The scheme’s trustees were advised on the transaction by Eversheds Sutherland and Hymans Robertson.
James Mullins, head of risk transfer at Hymans Robertson, said: “The bulk annuity market finished 2021 strongly and we expect this to continue into 2022.”
This article originally appeared on MandateWire.com
