Aviva has announced that it has completed a £900m bulk purchase annuity transaction in July, with the Kingfisher Pension Scheme.
Kingfisher plc is a British multinational retailing company headquartered in London, which manages brands including B&Q and Screwfix.
As part of the deal, Aviva will insure the defined benefit pension liabilities for over 8000 members, taking responsibility for the investment and longevity risk of these members from the plan.
Aviva said members will see “no change” in the amount of their benefits or the “way in which they are paid as a result of the transaction”.
The process to select an insurer and negotiate terms was led by Aon Insurance.
The trustee received actuarial advice from Hymans Robertson and legal advice from Eversheds Sutherland LLP and Aviva was advised by DLA Piper.
Jamie Cole, head of bulk purchase annuity origination at Aviva, said: “Kingfisher is a leading multinational retailer with a strong presence in the UK and we’re proud to have helped the Trustees of the Pension Scheme to secure benefits for their members.
“Throughout the process we’ve been working to an ambitious timeline and thanks to the expertise and collaboration of all parties we completed the transaction within three weeks of exclusivity.”