Aviva has completed a £142m bulk annuity purchase annuity buy-in transaction with the TI Group Pension Scheme.
Smiths Group, an industrial technology company, is the scheme’s sponsoring employer.
The insurance firm will insure the defined benefit pension liabilities of 1,224 pension members, taking away the investment and longevity risk of these scheme members.
Members will see zero change in their amount of benefits or in the way they are paid.
Jamie Cole, head of the Bulk Purchase Annuity Origination at Aviva, said: “We are delighted to have been chosen to deliver this transaction which further adds to the strong backing for members of the TI Group Pension Scheme.
“Throughout the process, all parties have worked closely to deliver a smooth transaction and help the trustees achieve their objectives.”
Chris Surch, chair of the Trustee of the TI Group Pension Scheme, said: “This is our sixth annuity tranche, continuing a well-established de-risking strategy for the Scheme.
“I am pleased that this was swiftly concluded when the opportunity arose, thanks to the dedication of our trustees, Smiths Group, our advisers and Aviva – all working as efficiently remotely as they had been when office based.”