The Blake Lapthorn Pension Fund has secured a £5.7m full scheme bulk purchase annuity buy-out with Aviva. The transaction secures the benefits of all 52 members, comprising 30 deferred members and 22 pensioner members, and covers all of the fund’s liabilities.
The transaction is the first to be completed using the fast track feature, the insurer’s latest enhancement of its streamlined Aviva Clarity service.
“For the Trustees (and Blake Morgan), the key advantages of the Aviva Clarity fast track feature were the streamlined process and the speed at which the transaction could be completed. Having worked with Broadstone for a number of years, we knew that we had high quality data and, having completed GMP equalisation and supported by our in-house pensions expertise, we were in an excellent position to approach insurers with a view to completing data cleanse rapidly,” said Max Craft, Chair of Trustees.
“We’re delighted to have completed the first transaction using our Aviva Clarity fast track feature, which is designed to help well-prepared schemes move quickly and efficiently to buy out. This deal with the Blake Lapthorn Pension Fund shows how innovation can deliver certainty for members and sponsors, even for smaller schemes, in a busy market. It’s a great example of collaboration between Aviva, Broadstone and the Trustees to achieve a smooth and timely outcome,” added Andrew Shaposhnikov, BPA Senior Deal Manager at Aviva.
Broadstone provided annuity broking advice, adding to their existing appointment for scheme actuary, investment and administration services.
“We knew Aviva was keen to trial the fast-track feature with a trusted adviser. We identified the Fund as a suitable candidate, with high quality data managed by Broadstone’s award winning administration team and having recently completed GMP equalisation. I am delighted to have led the Trustees through this landmark transaction and achieved a great outcome demonstrating continued insurer capacity for even the smallest schemes,” said George Whitaker, Deal Lead at Broadstone.
