Marvin OnumonuCommScope Connectivity UK’s Andrew Limited Pension and Life Assurance Plan has completed a £63m bulk annuity deal with Aviva, covering pensions for all 570 members.
XPS Group was appointed in mid-2024 after a competitive process and led the transaction.
Legal advice was given by Brabners LLP and actuarial advice came from Mercer Limited.
CommScope Connectivity UK was the sponsoring employer.
Andrew Firbank of PAN Trustees, chair of trustees, said: “The Trustees have worked together with a number of companies within the CommScope group to bring about a successful deal, that ran alongside important corporate activity for the Group.
“However, this was only possible due to a lot of work being completed over the previous 18 months as part of an integrated ‘journey plan’ for the Scheme, with input from an amazing advisory team and a group of committed trustees.
“This involved undertaking data verification and benefit confirmation work, to ensure the Scheme was able to approach the bulk annuity market when the opportunity arose for additional financial support to seal the deal.”
Harry Harper, partner, risk settlement at XPS Group, said: “This transaction was structured at the very start to place a lot of importance on facilitating early direct discussions between the Trustees and potential insurers.
“By taking this approach and using our existing strong insurer relationships, it was possible to generate significant competitive tension with a wider range of insurers.
“As a result of this successful approach, members now have a robust long-term home for their pensions with Aviva and the sponsoring employer is no longer exposed to pension risk from the Plan.”
John Fothergill, BPA senior deal manager at Aviva, said: “Throughout the process, we’ve engaged directly with the Trustees, and that’s been massively helpful.
“We quickly developed a shared understanding of what was most important to them and what they could expect from Aviva, including our robust Aviva Clarity implementation process.
Working with an experienced team of advisers and well-prepared trustees has made for a very smooth transaction and positions us well to carry this momentum through the next stage of our partnership in providing a secure home for their scheme members.”
