M&G insures engineering firm’s DB scheme; Canada Life reveals bumper Q4

The deal secures the pensions of more than 3,000 members of the Senior plc Pension Plan, according to a press release from the insurance provider. It included “residual risk” cover, which M&G said formed “a key part” of the transaction. Residual risks typically include the discovery of additional beneficiaries after a bulk annuity transaction is completed, as well as other items.

Senior’s most recent interim report and accounts showed the pension scheme had a £43m surplus as of 30 June 2025.

LCP was the lead transaction adviser for the Senior plc Pension Plan’s trustee board, while Osborne Clark provided legal advice. CMS provided legal advice to M&G.

Sarah Leslie, a director at Ndapt and chair of the scheme’s trustee board, said: “The trustees and Senior worked diligently to complete this transaction with M&G, providing greater certainty for members. This was a key de-risking milestone for both the plan and for Senior.

“The trustees were impressed by M&G’s approach and [are] confident they will provide strong support during this next phase of the plan’s life and in continuing to serve the members. The process ran smoothly and the highly collaborative approach between M&G and the plan’s advisers was instrumental to ensuring a successful transaction.”

Rosie Fantom, head of bulk annuity origination and execution at M&G, added that the insurer’s focus on “exceptional member experience” was a factor in securing the deal. Member service “is becoming ever more important given the increased funding level of schemes”, Fantom said.

Canada Life reveals £800m in bulk annuity business in Q4

Canada Life’s continued push into the pension insurance sector led to £800m of new business volumes in the fourth quarter of last year, the company said in its 2025 results statement.

Transaction sizes ranged from £40m to £330m, the insurer said. These included a £41m buy-in with AG Barr, announced in November.

In addition, Canada Life reported that it had also brought on board its first pension schemes with deferred members, which it said was “a key milestone in post-transaction capability”.

Emma Watkins, chief executive of Canada Life UK, said: “2025 has been a year of significant strategic progress, underpinned by strong sales growth. Our success is founded on our well-established portfolio of businesses, with record sales in retirement and international wealth driving double-digit growth and reinforcing our position as a leading retirement, wealth and group protection provider.”