Aviva has announced it has completed a £103m bulk purchase annuity transaction for the Homestyle 2007 Pension Scheme.
The firm will insure the defined benefit pension liabilities of all 1,294 members, which will remove the investment and longevity risk of these members from the scheme.
Members will see no change in their benefits or the way in which they are paid as a result of the transaction.
EY led the process to search for an insurer and negotiate terms on behalf of Homestyle Pension Company Limited, the sponsoring employer of the pension scheme.
Jamie Cole, head of Bulk Purchase Annuity Origination at Aviva, said: “We are delighted to have worked with the trustee of the scheme to complete this transaction which brings security for their pension scheme members.
“All parties have worked well to deliver a smooth transaction, with close collaboration and pre-agreed terms helping deliver a positive outcome.”
Taylor Dewar, partner at EY-Parthenon, said: “The bulk annuity purchase for the Homestyle 2007 Pension Scheme is a positive outcome for both the scheme members and the sponsoring employer.
“We are particularly pleased to have been able to move quickly to complete this transaction, giving our client confidence in the transaction in turbulent markets.”