Aviva Strikes $154M Buy-In Deal With NTL 1999 Pension Fund

UK insurer Aviva has completed a u00a3120m ($154m) buy-in deal with the NTL 1999 Pension Scheme that will cover the benefits of roughly 650 scheme members.

The NTL 1999 Pension Scheme covers former employees of National Transcommunications Limited (NTL), the privatised UK Independent Broadcasting Authority transmission-network which was rebranded NTL in 1998.

The deal does not fully insure the NTL 1999 Pension Scheme liabilities. But in a statement announcing the deal, Ross Russell, the chair of the fundu2019s trustees, said that the deal stabilised the fund and formed part of a long-term goal.

The tender process for the buy-in was handled by XPS Pension Group. Eversheds Sutherland was legal advisor on the deal.

The buy-in closed in March.

Aviva also completed one of the smallest publicly announced deals this year with news of a $770,000 ( u00a3600,000) full buyout of the Singer & James Pension Scheme, sponsored by a UK real estate firm.

Isiou2019s pension risk transfer team advised the fundu2019s sole trustee.