Aviva has completed an £850 million buy-in of the Arcadia Group Pension Scheme and Arcadia Group Senior Executive Pension Scheme.
The bulk purchase annuity transaction has secured the benefits of 8,800 members across the two schemes after they entered into a Pension Protection Fund (PPF) assessment on 30 November 2020.
Aviva was selected following a “competitive and comprehensive” selection process, run on behalf of the trustees by Barnett Waddingham, with Gowling WLG providing advice.
Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: “We are delighted to be securing the benefits of more than 8,000 members of the two schemes, providing security for members, and we look forward to welcoming them as Aviva customers once the buy-out is complete. The Trustees’ goal of securing the best outcome for members and strong collaboration between parties helped achieve a smooth transaction.”
Alda Andreotti, Chair of the Trustees, added: “This transaction is the result of our commitment to achieving the best outcome for members and I would like to thank all parties who collaborated with us.
“The Trustees are extremely pleased with this substantial development and have already taken the opportunity to update members on what the buy-in means for them. Our hard work will continue to maximise the benefits for all members and prepare the Schemes for buy-out.”
