The RAC (2003) Pension Scheme – the pension fund for the British automotive services company – has completed a £1.3bn (€1.6bn) bulk purchase annuity full buy-in with Aviva securing the benefits for all of the scheme’s 19,000 members.

The transaction, completed in August 2024, included a novation of the scheme’s existing longevity swap and the transfer of illiquid assets, and according to Aviva, highlights the insurer’s capability to support clients with complex schemes.

The scheme trustees were advised by Hymans Robertson and legal advice was provided by Linklaters.

Brian Bussell, chair of Aviva Staff Pension Trustee Ltd, said: “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 advisors and in-house team in getting this transaction over the line.”

Andy Morley, senior deal manager at Aviva, added: “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.”

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Pamela is IPE's UK correspondent. Before joining IPE in May 2023, she spent five years writing about the insurance industry. During her career so far she won awards for Most Promising Newcomer in 2020 and Best Investigative Article in 2022 from the British Insurance Brokers Association, and was also highly commended at the WTW Media Awards for Insurance Features Journalist of The Year.View full Profile

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