Haag-Streit UK pension scheme secures £18m full buy-in with Aviva
Written by Jack Gray
05/12/2023
Haag-Streit UK’s legacy defined benefit (DB) pension scheme has secured an £18m full-scheme buy-in with Aviva.
The transaction covers all 135 pensioners and 61 deferred members of the scheme, and all the scheme’s liabilities.
After initially approaching the market in July, the deal was completed in mid-October and was made possible following a “significant” contribution from the sponsor.
The scheme will now proceed to full buyout and wind-up.
Broadstone provided annuity broking services, as well as long-running actuarial, investment consultancy and administrative services to the trustee, while legal advice was provided by Ashurst.
Aviva deal manager, Paul Donnelly, commented: “We’re delighted to have been chosen to secure benefits for scheme members. All parties worked closely to complete the transaction in a short time frame, using Aviva’s new streamlined quotation service. Careful preparation by the trustees and their advisers supported the swift transaction.”
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