Aviva has secured a £30m buyout of the British Red Cross Pension Fund and the Scottish Branch British Red Cross Society Retirement Benefits Scheme.

The deal, which was completed on 31 March, insures the defined benefit liabilities for around 360 members across both schemes, removing the investment and longevity risk of these members. 

Keith Jecks, chair of trustees for the British Red Cross pension funds, said: “It gives me great satisfaction that we have now achieved the trustees’ long-term goal of securing the benefits of our members through Aviva.”

This deal broadens Aviva’s existing partnership with the British Red Cross. Earlier this year, the parties launched the Building Resilience Together programme to set up community resilience hubs across the UK aimed at involving people with effective emergency planning, response and recovery in the face of developing climate emergencies.

Clive MacTavish, British Red Cross chief finance officer, said: “We're delighted to be working with [Aviva] again to secure the benefits of both schemes for pension members and, thanks to this collaboration between Aviva and our pension trustees, our members can now feel even more secure about their pensions.”

The trustees of the schemes were advised throughout the tender process by Barnett Waddingham. Womble Bond Dickinson provided legal advice.

Meanwhile, life insurer Just has won a £6m buy-in deal with the pension scheme of carton and packaging manufacturer Landor Cartons Ltd. 

The deal, which closed on 7 August, covered 29 deferred members and 39 pensioners.

Kishan Radia, business development manager Just Group, said: “This transaction clearly shows that, if prepared in the right way, all schemes have access to the risk transfer ‘gold standard’ that is purchasing a bulk annuity from an insurer.“

K3 Advisory helped the trustees with the transaction. The actuary and administrator was Atkin Pensions with legal advice being provided by Shoosmiths.

Thomas Crawshaw, K3 Advisory senior actuary and deal lead, said: “We meticulously observed and analysed insurer pricing over several months until such time as was optimal to transact to secure the best price for the scheme, and the best outcome and security for members. This transaction also clearly demonstrated the importance of schemes being ready, and so able to move when the right opportunity comes up.”