RAC Pension Scheme agrees £1.3bn buy-in with Aviva

Written by Callum Conway

28/10/2024

The RAC (2003) Pension Scheme has completed a £1.3bn full buy-in with Aviva, securing retirement benefits for all of the scheme's 19,000 members.

The transaction, completed in August 2024, also included the novation of an existing longevity swap and a transfer of illiquid assets.

The scheme trustees were advised by Hymans Robertson, and Linklaters LLP provided legal advice.

Aviva senior deal manager, Andy Morley, described the transaction as “complex”, requiring “expertise and commitment”.

Aviva Staff Pension Trustee chair, Brian Bussell, added: “We are delighted to have completed this complex transaction covering all the benefits due to members of the RAC (2003) pension scheme, providing them with the additional security of a full scheme buy-in.

“The trustee is grateful for the hard work of its advisors and in-house team in getting this transaction over the line.”

Hymans Robertson partner, Iain Pearce, also highlighted the deal’s complexities, and said he was “delighted” to have applied longevity swap conversion to help all parties reach the full scheme buy-in.

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