Aviva has announced the completion of a £130m bulk purchase annuity full scheme buy-in with the Trustee of the Telereal Pension Plan1, which is sponsored by Telereal Services Limited. Aviva will insure the defined benefit liabilities for around 500 members.
“We’re delighted the trustee selected Aviva to secure member benefits, and we’ll continue to work closely with them to ensure a smooth transition. The process was well managed and completed quickly, thanks to all parties collaborating to reach a successful outcome. We look forward to welcoming Telereal members as Aviva customers in due course,” said Sean Rooney, BPA Senior Deal Manager at Aviva.
“The trustees are delighted to have reached this significant milestone for the members and would like to thank all parties, including the plan’s sponsor Telereal Services Limited, who have all collaborated in closing this transaction within a short timescale. Our work will continue as we prepare the schemes for buy-out with a smooth transition and the delivery of member benefits,” added Carl Clissold, Chair of Trustees of the Telereal Pension Plan.