Aviva completes £270m buy-in with Morrisons pension scheme

Aviva 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.