Andrew Limited Pension and Life Assurance Plan completes £63m bulk annuity deal with Aviva

CommScope 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.