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Pensions & Retirement

Aviva completes £160m BPA buy-in with the SG Pension Fund

The deal, finalised in August 2025, covers the pension benefits of over 1,900 members. 

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Aviva completes £160m BPA buy-in with the SG Pension Fund
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Aviva has completed a £160m bulk purchase annuity (BPA) buy-in with the SG Pension Fund. 

The deal, finalised in August 2025, covers the pension benefits of over 1,900 members. 

The scheme sponsor is Portakabin Limited, which operates in sectors such as education, healthcare, and commercial infrastructure.

This transaction followed Portakabin’s defined contribution (DB) scheme joining the Aviva Master Trust in 2024. 

Some members will also be able to keep using their AVC funds as a first source of tax-free cash in the future, using Aviva’s DB&C policy linked with the Aviva Master Trust DC proposition.

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Aon led the process as adviser, with legal support from Gowling.

Sean Rooney (pictured), senior BPA deal manager at Aviva, said: “This transaction was a pleasure to work on and is another example of a longstanding collaboration with Portakabin UK to secure members’ pension benefits. 

“The transaction demonstrates our continued focus on delivering tailored solutions that meet the evolving needs of our clients. 

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“We look forward to welcoming members to Aviva in the future.”

Chris Martin of Independent Governance Group, chair of the joint working group, said: “We are very pleased to have taken this further step in improving the security of members’ benefits, which has always been a key objective for both the Trustees and Company. 

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“The collaboration between the Trustee and the sponsor, Aon as lead transaction adviser, and Gowling, has been at the heart of delivering this great outcome for Fund members.”

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Tony Sharp, chair of trustees, said: “We were pleased to work closely with the sponsor and our advisers, through the Joint Working Group, to achieve this great outcome for our Fund members. 

“The Trustee will continue to support the Fund over the coming years and look forward to working with the team at Aviva.”

Matt Cook, associate partner at Aon, said: “This transaction is a great example of how having nimble governance in place, along with a clear focus on objectives, can drive the best outcome from the insurance market. 

“An integrated Aon team combining risk settlement, investment, and actuarial services ensured that the transaction was completed efficiently and meets the objectives of all Fund stakeholders.”

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