Broadstone advises on Aviva’s buy-out for The Gleaner Pension Scheme
The scheme is sponsored by Gleaner Limited, a fuel supplier based in Elgin, Scotland.
Broadstone has advised on Aviva’s full scheme buy-out of The Gleaner Pension Scheme.
The scheme is sponsored by Gleaner Limited, a fuel supplier based in Elgin, Scotland with a 70-year history supporting the agricultural, domestic and commercial sectors with fuel, lubricants, and greases.
The £7.5m transaction secures the benefits of all 121 members, comprising 26 deferred members and 95 pensioner members, and covers all the Scheme liabilities.
Following management by the trustee and advisers, the transaction was achieved without the need for an additional contribution from the sponsor.
Scottish Pension Trustees acted as sole trustee.
Broadstone provided annuity broking advice, adding to their existing appointment for scheme actuary and administration services.
Legal advice was provided to the trustee by Burness Paull LLP and to Aviva by their in-house team.
George Whitaker, deal lead at Broadstone, said: “This successful transaction demonstrates the benefits of thoroughly preparing a scheme for market using Broadstone’s SM&RT Insure process.
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