Aviva takes £140m buy-in with Guilbert UK Retirement Benefits
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Aviva has completed a £140m full scheme buy-in transaction with the trustee of the Guilbert UK Retirement Benefits Plan, which is sponsored by the Office Depot UK Pension Sponsor Ltd.
The deal was completed on 1 August and insured liabilities for around 1,500 members.
Mike Roberts, director at Pan Trustees and chair of the trustee, said the transaction will provide greater security and certainty for members.
Emma Thomas, bulk purchase annuity deal manager at Aviva, said: “The transaction was tightly managed and a close collaboration between teams, plus careful preparation helped deliver a smooth and efficient process – an increasingly important consideration for all parties in this busy market.”
The tender process was led by PwC, who advised both the trustee and the sponsoring company, with Travers Smith giving legal advice and Mercer providing administration, actuarial and investment advice to the trustee.
Jani Singh, risk transfer deal lead at PwC, said the bulk annuity market is “busier than ever”, while Niamh Hamlyn, partner at Travers Smith, said: “Close collaboration with the teams at PwC, Mercer and Aviva meant that this transaction could be successfully delivered to tight timescales, ensuring positive member outcomes for the years to come.”
Throughout 2023, Aviva secured several bulk annuity transactions including a £400m buyout with Interserve and buy-in deals with Arcadia Group, Deutsche Bank, NTL, British Red Cross, Haag-Streit UK and Thomas Cook.
