Aviva has completed bulk purchase annuity (BPA) buy-in transactions worth £113 million for the pension schemes of British department store group, Fenwick Limited.
The deals are part of a series of transactions dating back to 2012, securing all remaining member benefits for both the Fenwick Limited Superannuation Fund and the Fenwick Senior Executive Pension Fund.
The trustees and sponsor were advised by XPS, who led the transaction processes, with legal advice provided by DLA Piper. LCP provided actuarial, investment and administration services to the Scheme while Aviva was advised internally.
Aviva deal manager Emma Thomas says: “It’s been a privilege to support the trustees in a long-standing relationship that started over a decade ago, providing security to their members. The careful preparation by the trustees and their advisers paid dividends in enabling a smooth execution and provides a strong base for the implementation stages that follow. We have established a partnership with the Fenwick group across both DB and DC schemes, and it has been a pleasure to play a part.”
XPS partner Ash Williams says: “These transactions show the value in being able to work collaboratively and swiftly as a joint working group, resulting in an excellent outcome for all stakeholders, and importantly bringing security and stability to the members. These were complex transactions with a wide range of stakeholders, and XPS is pleased to have been able to lead the execution of these buy-ins working closely with the Trustees, Company and wider advisory teams.”
Independent Governance Group trustee director Dickon Best says: “As Professional Corporate Sole Trustee, we are pleased to have helped steer both schemes through to successful buy-in transactions, building on the existing partnership with Aviva. As a result of the deals, all our members now have their benefits secured, and we are happy to have achieved such a strong outcome. We would like to thank our advisory teams, XPS, LCP, DLA Piper and the Company for their support throughout the process.”