The BPT Retirement Benefits Scheme, sponsored by a subsidiary of listed residential landlord Grainger, has secured a £20m full buy-in with Aviva.
The transaction secures the benefits of 49 deferred and 50 pensioner members of the scheme and completes the buy-in of all scheme liabilities.
The transaction was achieved using the assets of the scheme and did not require an additional contribution from Grainger.
Broadstone provided annuity broking alongside their existing services for actuarial, investment consultancy and scheme administration. Legal advice was provided by Womble Bond Dickinson (UK) LLP.
Paul Donnelly, BPA deal manager at Aviva said: “We worked exclusively with the trustees early in the process to ensure a smooth and straightforward transaction. The scheme was extremely well prepared which meant we could proceed at pace, using our streamlined service, Aviva Clarity. We look forward to welcoming scheme members as Aviva customers in due course.”
Adam McGhin, chair of trustees and group general counsel & company secretary at Grainger, commented: “We have been working with our advisers to secure the position, and with their support identified that a buy-in transaction was the optimal approach for the members, trustees and our company. We were pleased by the improvement in funding that was disclosed in our valuation.”
Bob Jenkinson, deal lead at Broadstone, added: “This has been a really rewarding exercise as there was significant work to complete to ready the scheme for market.”
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