Three buy-in transactions announced, covering £
The deal, completed in May, covers 217 members and was secured without further contributions from the sponsoring employer.
Neil Stinson, chair of the trustee board, said: “We are very pleased to have partnered with Aviva to secure our members’ benefits, and in doing so providing added protection to our members’ long-term benefits.
“We are grateful to our advisers, who worked seamlessly in providing clear advice and guidance in reaching this positive outcome for our members and whose combined efforts ensured a smooth transaction process. We look forward to continuing to work with Aviva in the future.”
Toby Holmes, senior deal manager at Aviva, added that the transaction “demonstrates our ongoing commitment to schemes of all sizes” as well as the insurer’s “ability to offer flexible solutions”.
Full scheme buy-in for minerals firm
The European Metal Recycling buy-in follows last week’s announcement of a similar transaction involving industrial minerals company Sibelco.
The company insured its defined benefit scheme with Aviva through a £165m buy-in, insuring the benefits of approximately 1,200 members.
Holmes said: “In today’s climate it’s more important than ever for schemes to be well-prepared when approaching the market. This process has highlighted just how quickly and smoothly a transaction can run when it follows a well thought out and crisply executed transaction process. The trustees had a clear strategy to secure member benefits, and their vision, when supported by highly experienced advisers, has made for an efficient and successful transaction.”
L&G insures shipping company scheme
Meanwhile, Legal & General (L&G) has insured 150 members of the Contship Containerlines Limited 1979 Pension Scheme through a £25m full scheme buy-in.
The scheme is sponsored by travel company TUI. The deal was completed earlier this month.
Paul Rogers, chair of trustees, said insurance had been “an aspirational goal of ours for many years, but now has become a reality”. He also praised TUI for its support with the scheme’s journey plan.
The Contship Containerlines scheme was an investment client of L&G and used the insurer’s Flow service to secure a “price lock” relative to its assets.
Adrian Somerfield, director of UK pension risk transfer at L&G, said: “This ensured cost certainty and a seamless transaction. This buy-in fully secures the scheme’s members’ benefits and is a great outcome for all parties involved.”
