Greggs plc Pension Trustees Limited, the Trustee of the Greggs plc 1978 Retirement and Death Benefit Scheme, has completed a £100 million bulk annuity agreement with Aviva, an insurance and financial services provider, which covers most of the Scheme’s liabilities.
To support this buy-in and improve the long-term security of member benefits, Greggs plc provided additional funding as part of its risk management strategy.
Paul Donnelly, Deal Manager of Aviva, continued: “We’re delighted to have supported the Trustee to achieve their goal of de-risking their pension scheme.”
“The Trustee and Greggs plc had clear priorities, from the outset – to partner with a financially strong and trusted insurance company, with a focus on first-class member care and a responsible investment ethos.”
Hymans Robertson acted as the primary advisors for the transaction, and Eversheds Sutherland provided legal counsel.
David Brown, the Chair of the Trustee, Greggs plc 1978 Retirement and Death Benefit Scheme, commented: “I am delighted that we have been supported by Greggs plc and our advisers Hymans Robertson, Eversheds and Barnett Waddingham, to enable to us to reach a buy-in agreement with our chosen insurance company Aviva. The partnership with Aviva allows us to take the next step in our de-risking strategy.”
Verity Hastie, Risk Transfer Specialist, Hymans Robertson, added: “It’s been a pleasure to advise the Greggs Trustee on their de-risking strategy in recent years and to help them secure an excellent outcome with Aviva. The Scheme is now in a solid financial position and we look forward to helping the Trustee as they continue their journey post buy-in.”
