Aviva completes £249m buy-in with Molins U.K. Pension Fund
The deal covers benefits for over 3,500 members.
Aviva has completed a £249m bulk purchase annuity (BPA) buy-in with the Molins U.K. Pension Fund.
The deal covers benefits for over 3,500 members.
Mpac Group PLC sponsors the fund and Trustees took advice from WTW on the process, with Mayer Brown handling the legal side.
Paul Donnelly, BPA deal manager at Aviva, said: “We’re pleased to have supported the trustees of the Molins U.K. Pension Fund in their ambition to secure scheme members’ benefits.
“This transaction reflects Aviva’s ability to manage different benefit structures and provide bespoke options to meet the needs of the trustees.
“The collaboration between all parties involved was key to achieving a positive outcome and we look forward to formally welcoming members of the scheme to Aviva in the future.”
Sanjay Gupta, chair of trustee at BESTrustees, said: “We are pleased to have achieved this significant step that will provide greater security for members’ benefits.
“The collaborative and constructive approach between the Trustee, Mpac Group Plc (the scheme sponsor) and our advisers has helped to secure this very positive outcome.”
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