British Red Cross pension schemes agree £30m buyout with Aviva

Written by Adam Cadle

25/10/2023

The British Red Cross Pension Fund and the Scottish Branch British Red Cross Society Retirement Benefits Scheme have agreed a £30m bulk annuity deal with Aviva, securing retirement benefits for around 360 members across both schemes.

The trustees of the schemes were advised throughout the tender process by Barnett Waddingham LLP, with Womble Bond Dickinson LLP providing legal advice.

The buyout aims to remove the investment and longevity risk for the employer, although members will see no change in their benefit entitlement as a result of the transaction

It also builds upon Aviva's existing partnership with the British Red Cross to work together on building safer and stronger communities in times of uncertainty and crisis, having also launched the Building Resilience Together program earlier this year.

Aviva head of bulk purchase annuity origination, Jamie Cole, stated: “We are delighted that the trustees of the schemes chose Aviva to secure member benefits. Aviva and the British Red Cross have a long heritage, and we have supported the important work they do in building more resilient communities since 2016.

“We look forward to our relationship continuing as we welcome the scheme members following the buyout.”

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