Broadstone advises on £20m full scheme buy-out for British Board of Agrément with Aviva

Broadstone advised on a £20m buy-out for the British Board of Agrément Pension and Life Assurance Scheme with Aviva. 

The scheme covers 39 deferred members and 82 pensioner members and is sponsored by British Board of Agrément Holdings Limited, which assesses, tests and certifies construction products in the UK.

Broadstone acted as lead deal adviser, continuing its role as actuary, administrator and investment consultant. 

Open Trustees Limited chaired as independent trustee, with two member-nominated trustees. 

Osborne Clarke was legal adviser to the trustees.

Mark Channon, deal lead and scheme actuary at Broadstone, said: “I have been involved with this Scheme for 7 years, becoming Scheme Actuary at a time when funding was very tight and a buy-out seemed a long way off. 

“It has been extremely rewarding to work with a highly engaged set of Trustees who have worked hard to get the Scheme to this point. 

“The teams at Broadstone, Open Trustees and Osborne Clarke have ensured the Scheme was in excellent shape to approach the market which led to attractive terms from Aviva and, ultimately, a positive outcome for all members.”