The Institute of Chartered Accountants’ Staff Pensions Fund has today announced the completion of a £50 million bulk annuity buy-in transaction with Canada Life Limited. This is the third successful transaction for the Fund and its first with Canada Life.
Canada Life will insure the defined benefit pension liabilities of around 200 pensioner members, removing the investment and longevity risk of these members from the Fund. Members will experience no change in the benefits they receive or the way in which they are paid.
The Fund’s Trustee was independently advised throughout the process by Hymans Robertson and Eversheds Sutherland.
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