The competitive tender process was run on behalf of the Trustees by Barnett Waddingham LLP, with Gowling WLG providing advice.

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said:

“We are delighted to be securing the benefits of more than 8,000 members of the two schemes, providing security for members, and we look forward to welcoming them as Aviva customers once the buy-out is complete.  The Trustees’ goal of securing the best outcome for members and strong collaboration between parties helped achieve a smooth transaction.”

Alda Andreotti, Chair of the Trustees, said:

“This transaction is the result of our commitment to achieving the best outcome for members and I would like to thank all parties who collaborated with us. The Trustees are extremely pleased with this substantial development and have already taken the opportunity to update members on what the buy-in means for them. Our hard work will continue to maximise the benefits for all members and prepare the Schemes for buy-out.” 

Simon Bramwell, Risk Transfer Partner, Barnett Waddingham LLP said:

“Reaching this significant milestone for the members is testimony to the hard work of the Trustees and all the parties who have collaborated on the transaction.  We are very pleased to have been involved in this important process for the Schemes. Now we look forward to supporting the Trustees in preparing the Schemes for buy-out and continuing our work together to achieve innovative solutions and the best outcome for members.” 

Source: Aviva