Canada Life said it has completed a third pension scheme buy-in transaction worth £41 million with drinks maker A.G. Barr plc for 300 pension scheme members.

A.G. Barr is the Cumbernauld-based owner of Irn-Bru, Rubicon energy drinks, Boost Drinks and Funkin cocktail mixers.

“The beverage manufacturer … and the Trustee board of the A.G. Barr p.l.c. (2008) Pension and Life Assurance Scheme (“Scheme”) have signed a third and final deal with Canada Life to cover the remaining 160 deferred members and 140 pensioners of the DB pension scheme,” said Canada Life.

“This latest arrangement builds on an established collaboration between the Scheme’s Trustee, its adviser Hyman Robertson and the insurer Canada Life, which already covers approximately 40% of the Scheme’s liabilities through earlier 2016 and 2018 buy-ins.

“Hymans Robertson acted as the pension scheme broker, actuarial adviser, administrator and de-risking investment adviser.

“The Trustee’s legal adviser was Shepherd and Wedderburn LLP. Canada Life was advised by in-house lawyers.”

Shreyas Sridhar, Managing Director for Bulk Purchase Annuities at Canada Life, said:  “The established working relationship had a positive influence on securing a good outcome for the Scheme and its members.

“We are proud that the Trustee chose to work exclusively with Canada Life on this bulk purchase annuities transaction as a result of the high bar we set ourselves in our client relationship management.

“Through our earlier deals with the A.G. Barr Scheme, our team has invested time in understanding how the Scheme operates and ‘bottled’ that knowledge.

“By monitoring market conditions and affordability with Canada Life, the Trustee board was able to move quickly at the right time to execute the buy-in. We are grateful for the trust and collaboration of the Trustee board and their advisers, which allowed us to deliver an outstanding outcome for the Scheme and its members.”

Mahad Farooqui, Risk transfer specialist at Hymans Robertson and lead adviser, said: “We’re delighted to have completed this final buy-in for the Scheme with Canada Life. It marks a significant milestone working with the Trustee board on their journey to secure the long-term future of members’ benefits of the Scheme.

“The continuity of working with the same insurer across all three transactions has brought real efficiencies and confidence to the process, resulting in a great outcome for the Trustee and members of the Scheme.”

Amanda Switzer, Partner at Hymans and Scheme Actuary, said: “We’re delighted to have supported the Trustee in securing a third and final buy-in—an incredible milestone in the Scheme’s de-risking journey.

“Hymans have been Scheme Actuary to A.G. Barr since 2012, and it’s been a privilege to work with such a dedicated Trustee board on their long-term journey planning.

“We’ve seen the Scheme’s funding go from strength to strength and are proud to have played a part in getting to this point where members’ benefits have been secured – a great outcome for all parties and most importantly, for the Scheme’s members.”