Metal recycling scheme in £33m buy-in
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The European Metal Recycling Ltd Pension and Life Assurance Scheme completed a £33m buy-in last month, covering 217 deferred and pensioner members.
The deal with Aviva was completed on 10 May. This was the scheme’s first transaction, which required no contribution from the privately held scrap metal firm as the fund was in surplus, according to scheme advisers Isio.
The trustees received legal advice from Eversheds Sutherland, and Goldman Sachs provided investment advice.
Trustee chair Neil Stinson said he was pleased the fund could give added protection to members’ long-term benefits.
“We look forward to continuing to work with Aviva in the future,” he added.
Senior deal manager at Aviva Toby Holmes said: “This transaction demonstrates our ongoing commitment to schemes of all sizes in today’s [bulk purchase annuity] market and our ability to offer flexible solutions to well prepared schemes.”
Diane Cadden, a senior manager at Isio, added: “By prioritising clear communication and collaboration between advisers, we were able to streamline the transaction and ensure the deal went according to plan.”
Senior deal manager at Aviva Toby Holmes said: “This transaction demonstrates our ongoing commitment to schemes of all sizes in today’s [bulk purchase annuity] market and our ability to offer flexible solutions to well prepared schemes.”
Diane Cadden, a senior manager at Isio, added: “By prioritising clear communication and collaboration between advisers, we were able to streamline the transaction and ensure the deal went according to plan.”
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