[ad_1]
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 because 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, stated: “We’re delighted the Trustee chosen Aviva to safe member advantages and we’ll proceed to work carefully with them to make sure a clean transition. The transaction was tightly managed and an in depth collaboration between groups, plus cautious preparation helped ship a clean and environment friendly course of – an more and more essential 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 is able to present larger safety and certainty for members’ advantages within the Plan. With loads of shifting 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 plenty of elements to succeed in this nice end result for each the Trustee and the Firm.”
Jani Singh, danger 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 targets 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 end result of collaboration by all events, and we’re delighted to succeed in a profitable end result for the Scheme and its members.”
Entry essentially the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we wish you to take advantage of
helpful
choice for your online business, so we provide a free pattern which you can obtain by
submitting the under kind
By GlobalData
In 2023, Aviva accomplished a £30m ($36.4m) buy-out of the British Purple Cross Pension Fund and the Scottish Department British Purple Cross Society Retirement Advantages Scheme.
[ad_2]
