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."

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