Morrisons pension scheme completes £270m buy-in with Aviva

Written by Sophie Smith

28/05/2025

The Morrisons Retirement Saver Plan has completed a £270m buy-in with Aviva, securing the retirement benefits of over 32,000 deferred members of the RSP Section of the scheme.

The buy-in, which was completed in March 2025, marks the third deal that Aviva has agreed with schemes sponsored by Wm Morrison Supermarkets Limited.

Aon led the transaction on behalf of the trustees, with Clifford Chance providing legal advice to the trustee, while DLA Piper provided legal advice to Aviva.

In addition to the buy-in, Aviva underwrote a winding-up lump sum (WULS) exercise covering around 30,000 members.

Commenting on the deal, chair of trustees and Vidett professional trustee, Steve Southern, said: “Securing members’ benefits in full, while offering eligible members the option of a WULS, means we can provide both security and flexibility — an excellent outcome.

"We are delighted to have achieved this, which is a testament to the hard work over the past few years to meet our de-risking goals, alongside Aviva’s willingness to deliver a bespoke solution.”

Aviva also highlighted the deal as a demonstration of its ability to manage complex transactions and achieve good outcomes for clients through innovative solutions.

“We’re pleased to have supported the trustees of the Morrisons Retirement Saver Plan with their plans to secure member benefits," BPA deal manager, Sean Rooney, said.

"This transaction highlights Aviva's extensive capabilities and our commitment to providing innovative solutions tailored to client needs.”

The role of preparation was also emphasised, as Aon senior partner, John Baines, argued that "the transaction required meticulous planning and creativity to design solutions for a highly unusual pension scheme".

"The structure developed here gives the trustee cost certainty and c.30,000 members additional benefit flexibility," he explained.

"This demonstrates that, even in a busy and competitive market, great results can be achieved where all parties commit to collaborating on complex and innovative transactions.”

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