On the go: The Interserve Pension Scheme has agreed a £400mn buy-in with Aviva, securing the benefits of more than 7,000 members.
The move follows a £300mn pensioner-only buy-in signed in 2014, meaning Aviva has now insured the pension liabilities for all Interserve Section members — comprising 4,300 pensioners and 2,800 deferred members, in a total deal of more than £700mn.
The transaction included a buy-in of the remaining members of the Interserve Section accompanied by a reshaping of the existing buy-in policy.
Interserve Pension Scheme chair of trustees David Trapnell said: “We are pleased to have agreed a new solution with Aviva, which provides security and certainty to more than 7,000 scheme members.
“In order to best protect members’ interests, it was crucial we acted to secure a long-term resolution and Aviva offered the best outcome.”
Aviva was selected following a market process led by LCP, which advised the scheme trustees. Sackers provided legal advice.
Tilbury Douglas Construction Limited, previously part of the Interserve Group, was the sponsoring employer of the scheme. Both companies were advised by PwC and Slaughter and May.
This article originally appeared on MandateWire.com
