Aviva seals £13m buyout with musicians’ trustees
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Aviva has completed a £13m full buyout with the trustees of the Musicians’ Union Permanent Officials and Staff Pension Fund, demonstrating the insurer’s appetite for “schemes of all sizes”.
Aviva will insure the defined benefit pension liabilities for all members, removing the investment and longevity risk of these members from the scheme.
Jamie Cole, head of bulk purchase annuity origination at Aviva, said: “We worked closely with all parties to ensure a smooth and efficient completion. A transaction of this value demonstrates our appetite for schemes of all sizes.”
Keith Ames, chair of trustees for Musicians’ Union Permanent Officials and Staff Pension Fund, said securing members’ benefits with Aviva was “a critical step” in the fund’s journey.
Ames added: “Despite our relatively small size as a pension scheme, Aviva worked well with our advisory team to achieve the transaction.”
Barnett Waddingham advised the trustees with the role of scheme actuary and administrator. Jagger & Associates, Walkers Solicitors and CMS provided legal advice to the trustees.
Jonathan Smart, principal at Barnett Waddingham, said he had been working with the trustees and the union for around eight years as scheme actuary and was pleased with the outcome.
“Our transaction team were able to capitalise on a market opportunity and support the annuity purchase in line with the trustees’ wishes – demonstrating our strong relationship with Aviva,” Smart said.
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