Taunton School pension scheme completes full buy-in with Aviva

Written by Paige Perrin

01/07/2024

Taunton School’s legacy defined benefit (DB) scheme has completed a full buy-in with Aviva for an undisclosed amount, securing the benefits of all members of the scheme.

The scheme will now proceed to full buyout and wind up.

Broadstone provided annuity broking, having been appointed at the start of the process for actuarial, investment consultancy and administrative services. Osborne Clarke provided legal advice.

Despite the small size of the scheme, containing less than 100 members and below £10m in assets, the school said it was keen to remove the ongoing risk and cost, with the deal made possible thanks to a lump sum contribution being paid by the sponsor.

Commenting on the deal, Taunton School governor and trustee, Robert Aldrich, said: “The school has been keen to work with the trustees to secure member benefits so that it can focus on the challenges facing the independent sector.

“We appointed Broadstone to take us from a standing start to transaction and, with the assistance of Osborne Clarke, they have skilfully guided us through this transaction.

“We’re really pleased to have completed the deal with Aviva and look forward to working with them to transition member administration and wind the scheme up.”

Adding to this, Broadstone head of trustee services and deal lead, Christopher Rice, said Broadstone was “delighted” to have secured the benefits for the scheme’s members and looks forward to supporting the trustees as they progress the scheme to buyout and wind up.

Aviva bulk purchase annuity (BPA) deal manager, Arpan Shah, added: “We’re delighted the trustees selected Aviva to secure benefits for scheme members. We look forward to welcoming scheme members as Aviva customers in due course.”

"Having advised the scheme trustees for many years, it's been both pleasing and satisfying to assist them in their decision to secure members' benefits with Aviva,” Osborne Clarke head of pensions, Jonathan Hazlett, added.

“We look forward to supporting the scheme trustees in moving to buyout and wind-up working alongside the Broadstone team.”

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