JLT EB completes first bulk annuity transaction with Canada Life

28 October 2015

Transaction relates to the Pension and Life Assurance Plan for Non-Teaching Staff of Oundle School.

JLT Employee Benefits (“JLT EB”) has completed a bulk purchase annuity (BPA) transaction for the Pension and Life Assurance Plan for Non-Teaching Staff of Oundle School with Canada Life. This is Canada Life’s first BPA deal, having recently entered the BPA marketplace, quoting for pensioner only BPA transactions.

JLT EB secured the £5m pensioner buyout alongside a trivial commutation exercise, following a competitive broking exercise won by Canada Life. Around 150 members were covered by the transaction, which represented an important de-risking step for the Plan trustees.

Canada Life’s entry into the BPA marketplace will increase competition.

JLT EB was chosen as a partner of choice by Canada Life to launch into this market thanks to their reputation in the insurance industry for running efficient and effective broking processes with a high deal conversion rate.

This transaction highlights the ability to integrate risk management exercises, such as trivial commutation or pension increase exchange with a BPA, even for smaller transactions.

JLT EB’s buyout team has a good track record for facilitating bulk annuity transactions for smaller schemes, having successfully brokered over 20 buy-ins/buyouts with deal value below £5m since 2012, in addition to a number of larger deals.

Dave Barratt, Senior Buyout Consultant, JLT Employee Benefits, said: “This is a very interesting time for the smaller end of the bulk annuity market. As more insurers enter the market, smaller schemes will have greater access to de-risking transactions.

“Thanks to our track record in working with insurers, we were able to help Canada Life with its debut in the bulk annuity market.”

Richard Priestley, Head of Retirement Income, Canada Life, said: “We were delighted to complete our first bulk annuity transaction with JLT Employee Benefits, who was able to run a smooth and efficient broking process for the trustees as well as for us.”

- ENDS -

Notes to Editors


Smithfield Consultants:

Fay Israsena


+44 (0)20 7903 0633

Julia Cooke


+44 (0)20 7903 0674

About JLT Employee Benefits

JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.

JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.

Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.


About Jardine Lloyd Thompson Group plc

Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.

JLT is quoted on the London Stock Exchange and owns offices in 39 territories with some 9,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.

David Barratt
Senior Buyout Consultant david_barratt@jltgroup.com +44 1727 775421