A defined benefit (DB) pension scheme sponsored by Special Melted Products Ltd has completed a £52m full-scheme buy-in with Canada Life.

The transaction secured the benefits of 300 pensioner and 130 deferred members of the scheme, whose Sheffield-based employer manufactures alloys for the aerospace, oil and gas, and civil nuclear industries.

XPS advised the scheme as lead broker and investment adviser, Mercer acted as actuary, while Gunnercooke and Canada Life's in-house legal team provided legal advice to the trustee and insurer respectively.

Chairing the trustees, Dalriada Trustees trustee director, Jo Harris, commented: “This transaction represents a major milestone in the plan’s de-risking journey.

“The transaction improves the security of our members’ pensions and reflects the dedication of all parties to achieve an excellent outcome for the plan.’’

Canada Life business development lead, bulk purchase annuities, Krishan Chauhan, added: “Canada Life is pleased to have forged a relationship with the trustee and its pension scheme advisers to preserve pension benefits for its members.

“This buy‑in provides long‑term security, with members’ benefits backed by a strong and experienced insurer.”

XPS associate partner David Barratt said the transaction demonstrated the value that can be achieved through “collaboration” and “strong insurer engagement”.

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