Marvin OnumonuAviva has completed a £270m bulk purchase annuity (BPA) buy-in with the Morrisons Retirement Saver Plan – RSP Section.
This is the third buy-in Aviva has carried out with schemes sponsored by Wm Morrison Supermarkets Limited.
Aon led the transaction for the trustees, with legal advice to the trustee from Clifford Chance, while DLA Piper advised Aviva.
The deal was completed in March 2025 and covers the benefits of more than 32,000 deferred members in the Cash Balance Plan.
Aviva also underwrote a winding-up lump sum exercise for around 30,000 members.
Sean Rooney, BPA deal manager at Aviva, said: “We’re pleased to have supported the trustees of the Morrisons Retirement Saver Plan with their plans to secure member benefits.
“This transaction highlights Aviva’s extensive capabilities and our commitment to providing innovative solutions tailored to client needs.”
Steve Southern, a professional trustee from Vidett and chair of trustees for the plan, said: “Securing members’ benefits in full, while offering eligible members the option of a WULS, means we can provide both security and flexibility — an excellent outcome.
“We are delighted to have achieved this, which is a testament to the hard work over the past few years to meet our de-risking goals, alongside Aviva’s willingness to deliver a bespoke solution.”
John Baines, senior partner at Aon, said: “The transaction required meticulous planning and creativity to design solutions for a highly unusual pension scheme.
“The structure developed here gives the Trustee cost certainty and c.30,000 members additional benefit flexibility.
“This demonstrates that, even in a busy and competitive market, great results can be achieved where all parties commit to collaborating on complex and innovative transactions.”
