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Pensions & Retirement

Aviva completes £113m buy-in deals with Fenwick’s pension schemes

The transactions secured all remaining benefits for members of the Fenwick Limited Superannuation Fund and the Fenwick Senior Executive Pension Fund. 

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Aviva completes £113m buy-in deals with Fenwick’s pension schemes
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Aviva has completed £113m bulk purchase annuity (BPA) buy-in deals with Fenwick’s pension schemes. 

The transactions secured all remaining benefits for members of the Fenwick Limited Superannuation Fund and the Fenwick Senior Executive Pension Fund. 

Fenwick Limited, the British department store group, sponsors the schemes.

XPS led the process, advising trustees and sponsors, with DLA Piper providing legal advice. 

LCP carried out actuarial, investment and administration work. 

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Aviva were advised internally.

Emma Thomas (pictured), BPA deal manager at Aviva, said: “It’s been a privilege to support the trustees in a long-standing relationship that started over a decade ago, providing security to their members. 

“The careful preparation by the trustees and their advisers paid dividends in enabling a smooth execution and provides a strong base for the implementation stages that follow.  

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“We have established a partnership with the Fenwick group across both DB and DC schemes, and it has been a pleasure to play a part.”

Ash Williams, partner at XPS, said: “These transactions show the value in being able to work collaboratively and swiftly as a joint working group, resulting in an excellent outcome for all stakeholders, and importantly bringing security and stability to the members. 

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“These were complex transactions with a wide range of stakeholders, and XPS is pleased to have been able to lead the execution of these buy-ins working closely with the Trustees, Company and wider advisory teams.”

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Dickon Best, trustee director at Independent Governance Group, said: “As Professional Corporate Sole Trustee, we are pleased to have helped steer both schemes through to successful buy-in transactions, building on the existing partnership with Aviva. 

“As a result of the deals, all our members now have their benefits secured, and we are happy to have achieved such a strong outcome. 

“We would like to thank our advisory teams, XPS, LCP, DLA Piper and the Company for their support throughout the process.”

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