Morrisons Retirement Saver Plan Completes Bulk Purchase Annuity Buy-In with Aviva.
The £270m deal is the third buy-in that Aviva has transacted with schemes sponsored by WM Morrison Supermarkets Limited.
“Securing members’ benefits in full, while offering eligible members the option of a WULS, means we can provide both security and flexibility — an excellent outcome. We are delighted to have achieved this, which is a testament to the hard work over the past few years to meet our de-risking goals, alongside Aviva’s willingness to deliver a bespoke solution,” said Steve Southern, a professional trustee from Vidett and Chair of Trustees for the plan.
“We’re pleased to have supported the trustees of the Morrisons Retirement Saver Plan with their plans to secure member benefits. This transaction highlights Aviva’s extensive capabilities and our commitment to providing innovative solutions tailored to client needs,” added Sean Rooney, BPA Deal Manager at Aviva.
The transaction completed in March 2025, and secures the benefits of over 32,000 deferred members of the Cash Balance Plan. Additionally, Aviva underwrote a Winding-Up Lump Sum (WULS) exercise (a one-time payment which can be paid to members under certain circumstances, allowing them to take their accumulated benefits as a cash lump sum instead of a regular retirement income) for approximately 30,000 members.
Aon led the transaction on behalf of the trustees, with Clifford Chance providing legal advice to the Trustee. DLA Piper provided legal advice to Aviva
“The transaction required meticulous planning and creativity to design solutions for a highly unusual pension scheme. The structure developed here gives the trustee cost certainty and c.30,000 members additional benefit flexibility. This demonstrates that, even in a busy and competitive market, great results can be achieved where all parties commit to collaborating on complex and innovative transactions,” said John Baines, Senior Partner at Aon.
