The Phoenix Medical Supplies Pension Scheme has completed a £30m full-scheme buy-in with Canada Life.

The transaction has secured the benefits of more than 145 pensioners and 80 deferred members.

Barnett Waddingham acted as lead broker on the deal, as well as adviser and administrator to the scheme.

Gateley Legal provided the trustees with legal advice, while Canada Life was advised by its in-house legal team.

“The trustees are delighted that this buy in provides long-term security for our pensioners and deferred members,” said Phoenix Medical Supplies Pension Scheme chair of trustees, Kevin Hudson.

“We are grateful to Phoenix for their continuing support which has enabled us to reach this position, and for the support of our advisers throughout this process, particularly Barnett Waddingham, whose long-standing involvement has been invaluable in guiding us to this point.

“We are also pleased with the collaborative approach taken by Canada Life, which helped ensure a smooth and efficient transaction for the benefit of our members.”

Barnett Waddingham principal and senior consulting actuary, David Simpson, said it had been a “privilege” to support the trustees in the process leading to buy-in.

"Barnett Waddingham has acted as scheme actuary since 2005, and over more than 20 years we have worked closely together to strengthen the scheme’s long term security” he continued.

“Reaching a full-scheme buy-in is a testament to that sustained partnership and the trustees’ commitment to delivering certainty for members.”

Canada Life managing director, bulk purchase annuities, Shreyas Sridhar, added: “We are grateful to the trustees for choosing Canada Life, and thank everyone involved for collaborating so efficiently to secure the pension scheme’s members’ future benefits.

“Long-standing relations between the scheme and its experienced adviser team as well as Canada Life’s nimble deftness for delivering tailored de-risking solutions ensured the smooth processing of this buy-in transaction.”

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