Aviva has completed a £160 million bulk purchase annuity (BPA) buy-in with the SG Pension Fund, securing the benefits of more than 1,900 members.
The scheme sponsor is Portakabin Limited, a provider of modular building infrastructure for the education, healthcare, public infrastructure, commercial, and industrial sectors.
The trustees were advised by Aon, who led the process, with legal advice provided by Gowling.
Aviva senior deal manager Sean Rooney says: “This transaction was a pleasure to work on and is another example of a longstanding collaboration with Portakabin UK to secure members’ pension benefits. The transaction demonstrates our continued focus on delivering tailored solutions that meet the evolving needs of our clients. We look forward to welcoming members to Aviva in the future.”
Independent Governance Group chair of the Joint Working Group Chris Martin says: “We are very pleased to have taken this further step in improving the security of members’ benefits, which has always been a key objective for both the Trustees and Company. The collaboration between the Trustee and the sponsor, Aon as lead transaction adviser, and Gowling, has been at the heart of delivering this great outcome for Fund members.”
Chair of Trustees Tony Sharp says: “We were pleased to work closely with the sponsor and our advisers, through the Joint Working Group, to achieve this great outcome for our Fund members. The Trustee will continue to support the Fund over the coming years and look forward to working with the team at Aviva.”
Aon associate partner Matt Cook says: “This transaction is a great example of how having nimble governance in place, along with a clear focus on objectives, can drive the best outcome from the insurance market. An integrated Aon team combining risk settlement, investment, and actuarial services ensured that the transaction was completed efficiently and meets the objectives of all Fund stakeholders.”