Aviva secures £600k buyout with Singer & James pension scheme

Written by Sophie Smith

21/07/2023

The Singer & James pension scheme has secured a £600,000 full scheme buyout with Aviva, marking one of the smallest deals in recent times.

Capital Cranfield worked as the sole trustee on the scheme, receiving advice on the transaction from Isio Total Reward and Benefits and legal advice from Squire Patton Boggs.

Capital Cranfield managing director, and lead on the firm’s sole trustee team, Harus Rai, said that the deal “disproves the myth that insurers are only interested in very large transactions”, with the firm stressing that securing the benefits for members of very small schemes is just as important.

“The key was ensuring that all stakeholders were fully aligned and I would like to thank the advisory team and company for their roles in helping us to achieve an excellent outcome for the membership,” he added.

This was echoed by Isio pension risk transfer advisory team lead, Tom Whiteley, who emphasised that, given the size of the scheme and how busy the bulk annuity market is, it was important that all the preparatory work on the member data and benefit specification was carried out before approaching the market to ensure the scheme was ‘transaction ready’.

“We are delighted to help to secure a full scheme buyout for the Singer & James Scheme,” he continued.

“Having clear, well-articulated objectives and an effective governance model including the trustee, company and advisers was also crucial to ensuring a successful outcome.”

Adding to this, a representative of Singer and James commented: “We are grateful to all those involved for their support throughout this project but most importantly the member benefits are now secured for the future.”

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