Aviva agrees £80m buy-in with Rotork pension scheme

Written by Sophie Smith

02/11/2023

Aviva has agreed an £80m buy-in deal with the Rotork Pension & Life Assurance Scheme, covering the pension benefits for 406 current pensioners and dependants in the scheme.

The deal was facilitated by a £20m contribution from the sponsoring employer, Rotork Plc, to the scheme.

Although members will experience no change in the amount of benefits they receive or the way in which they are paid as a result of the deal, the buy-in policy will reduce the level of investment and longevity risk in the scheme.

LCP was appointed as the trustee's de-risking adviser, acting as lead adviser for the transaction using its streamlined service, with further advice also provided to the trustee by Barnett Waddingham and Gowling WLG.

Aviva head of bulk purchase annuities origination, Jamie Cole, added: "We are extremely pleased to have been selected as the trustee’s preferred provider.

"All parties worked effectively on this transaction which supports the scheme’s long-term ambition to manage risks and increases the security of member’s benefits.”

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