Jessica O'ConnorBroadstone has advised on Aviva’s full scheme buy-out of The Gleaner Pension Scheme.
The scheme is sponsored by Gleaner Limited, a fuel supplier based in Elgin, Scotland with a 70-year history supporting the agricultural, domestic and commercial sectors with fuel, lubricants, and greases.
The £7.5m transaction secures the benefits of all 121 members, comprising 26 deferred members and 95 pensioner members, and covers all the Scheme liabilities.
Following management by the trustee and advisers, the transaction was achieved without the need for an additional contribution from the sponsor.
Scottish Pension Trustees acted as sole trustee.
Broadstone provided annuity broking advice, adding to their existing appointment for scheme actuary and administration services.
Legal advice was provided to the trustee by Burness Paull LLP and to Aviva by their in-house team.
George Whitaker, deal lead at Broadstone, said: “This successful transaction demonstrates the benefits of thoroughly preparing a scheme for market using Broadstone’s SM&RT Insure process.
“We were able to take advantage of an opportunity to transact quickly using Aviva Clarity, achieving attractive terms for all parties and safeguarding members’ hard-earned pensions.”
George Emmerson, Capital Cranfield (Scottish Pension Trustees), said: “This is fantastic news for the scheme.
“We’re especially grateful to the sponsor Gleaner Ltd for their support to allow this transaction to take place as well as Broadstone for their expert guidance throughout the process.
“With the legacy arrangement behind us, the company can move forward confidently, free from its costs and risks, while the trustee and members can rest assured that benefits are securely in place with one of the insurance market leaders.”
Andrew Shaposhnikov, BPA senior deal manager at Aviva, added: “The swift completion of this transaction highlights how well-prepared this scheme was in advance and we extend our thanks to the trustees and their advisers for their meticulous efforts.
“We are delighted to have provided a quotation and finalised the deal promptly, thanks to our efficient Aviva Clarity proposition.”
