Insurer Aviva has accomplished a £140m ($177m) bulk buy annuity full scheme buy-in transaction with the Trustee of the Guilbert UK Retirement Advantages Plan.
The plan is sponsored by Workplace Depot UK Pension Sponsor and Aviva has insured the plan liabilities for round 1,500 members. These members will see no change in the advantages they obtain on account of the transaction.
As well as, the method was led by PwC offering transaction recommendation to each the trustee and the sponsoring firm.
Emma Thomas, BPA deal supervisor at Aviva, mentioned: “We’re delighted the Trustee chosen Aviva to safe member advantages and we’ll proceed to work carefully with them to make sure a easy transition. The transaction was tightly managed and a detailed collaboration between groups, plus cautious preparation helped ship a easy and environment friendly course of – an more and more necessary consideration for all events on this busy market.”
Mike Roberts, director at PAN Trustees and chair of the trustee of the Guilbert UK Retirement Advantages Plan, added: “We’re delighted to have accomplished this bulk annuity transaction with Aviva, which can present higher safety and certainty for members’ advantages within the Plan. With plenty of transferring items and the consistently evolving panorama of the BPA market, PwC led the method with wonderful assist from Travers Smith and Mercer to rigorously navigate quite a lot of elements to achieve this nice final result for each the Trustee and the Firm.”
Jani Singh, threat switch deal lead at PwC, acknowledged: “As lead advisor to each Firm and Trustee, in a market that’s busier than ever, we’re happy to have labored to design and transact a deal that met the aims of each the Trustee and Firm. This included paying specific consideration to the preparation stage, permitting us to conduct a a number of insurer course of. The transaction is the fruits of collaboration by all events, and we’re delighted to achieve a profitable final result for the Scheme and its members.”
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In 2023, Aviva accomplished a £30m ($36.4m) buy-out of the British Crimson Cross Pension Fund and the Scottish Department British Crimson Cross Society Retirement Advantages Scheme.
