Aviva has 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.
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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.
John Fothergill, senior deal manager at Aviva, said: “We developed Aviva Clarity as a streamlined process to help a greater number of trustees by increasing standardisation. It’s pleasing that Aviva has now been recognised for tailoring its approach to adapt to the public sector procurement process. The Administering Authority made clear upfront the requirements to meet their ESG expectations and to be trusted to provide members’ benefits. This enabled us to efficiently deliver what they needed in order to proceed with Aviva.”
Peter Wallach, director of pensions at Wirral Borough Council, commented: “We are delighted to have expanded our risk management strategy to achieve greater certainty of cost for the Fund’s biggest non – public sector constituent employer, Arriva Merseyside, whilst simultaneously improving governance and reducing risk across the employer base with Aviva.
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By GlobalData“This was a complicated project, and we thank Mercer and Eversheds Sutherland for the clarity, expertise and tenacity they brought in assisting us through the process to ensure compliance with public procurement legislation, and to obtain competitive pricing along with good contractual terms. Merseyside Pension Fund has now become a Charter signatory and we look forward to working collaboratively with Aviva, Mercer and other signatories, post-transaction.”
