Aviva completes £400m buy-in with Interserve Pension Scheme

Written by Adam Cadle

12/01/2023

Aviva has completed a £400m buy-in with The Interserve Pension Scheme, securing the benefits of more than 7,000 of its members.

This buy-in follows a £300m pensioner-only buy-in back in 2014 and means that Aviva has now insured the pension liabilities for all Interserve Section members, comprising 4,300 pensioners and a further 2,800 deferred members.

The total transaction included a buy-in of the remaining members of the Interserve Section accompanied by a reshaping of the existing buy-in policy.

Aviva was selected following a “competitive and thorough” market process led by Lane Clark & Peacock (LCP).

The scheme trustees were independently advised throughout the process by LCP and Sackers who provided legal advice.

Aviva head of bulk purchase annuity organisation, Jamie Cole, commented: “We’ve worked with the scheme for more than eight years, so naturally we’re delighted to have been chosen to support them to complete their journey to eventual buy-out.

“This has been a complex transaction comprising a new buy-in, along with the restructuring of the existing buy-in. All parties have worked very closely to achieve this optimal outcome in a timely and efficient manner.”

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