Aviva has announced its completion of a £1.3bn bulk purchase annuity full buy-in with the RAC (2003) Pension Scheme.
The deal, completed in August 2024, will secure the benefits for the scheme close to 19,000 members.
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In addition, the deal highlights Aviva’s capability to support clients with complex schemes who are focused on securing member benefits. Features of the deal included a novation of the scheme’s existing longevity swap and the transfer of illiquid assets.
The scheme trustees were advised by Hymans Robertson and legal advice was provided by Linklaters LLP.
Andy Morley, senior deal manager at Aviva, said: “At Aviva, we pride ourselves on reaching successful outcomes for schemes, so we’re really pleased to have secured benefits for RAC scheme members. This transaction was complex and required the expertise and commitment of all parties.”
Brian Bussell, chair of Aviva Staff Pension Trustee, stated: “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 advisers and in-house team in getting this transaction over the line.”
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By GlobalDataIain Pearce, partner at Hymans Robertson, added: “We’re delighted to have advised on this transaction to secure benefits for members. Transactions of this size inevitably have a number of complexities and we’re delighted to have applied our longevity swap conversion and £1bn+ transaction expertise to work closely with all parties to smoothly reach this full scheme buy-in.”
In September 2024, Aviva announced the completion of its £200m bulk purchase annuity scheme buy-in with the Merseyside Pension Fund.
The deal was completed in June 2024 and secures the benefits of close to 2,500 members, attributable to Arriva Merseyside.
Wirral Borough Council are the Administering Authority responsible for managing and administering the Merseyside Pension Fund.
Furthermore, in selecting an insurer, the Administering Authority placed a strong emphasis on Environmental, Social, and Governance (ESG) considerations. Aviva was able to demonstrate its commitment, both as a founding signatory to the Sustainability Principles Charter for Bulk Purchase Annuities, and through its track record of taking action on climate change and social action, to help build stronger communities.
