The Group Section of the FirstGroup Pension Scheme has concluded a £90m full scheme bulk purchase annuity buy-in with Aviva. The transaction secures the benefits of over 500 scheme members.
“This transaction demonstrates what can be achieved through focused collaboration and a clear objective. Speed was an important priority throughout, and by working closely with the trustee, LCP and scheme sponsor, we were able to complete the transaction efficiently while delivering a solution that secures members’ benefits over the long term. We’re proud to support the scheme at this important stage of its journey and to provide the financial security and certainty that members can rely on in retirement,” said Kerry Foster, BPA Deal Manager at Aviva.
The transaction was led by LCP on behalf of the trustee. Legal advice was provided to the Trustee by Stephenson Harwood.
“This transaction demonstrates the value of a highly collaborative and focused approach. Working closely with the trustee and sponsor, we are proud to have secured this positive outcome within 12 weeks of our appointment. Despite the pace of the process, we were able to create strong competitive tension and maintain a clear focus on the features that mattered most to the trustee and members,” said Rachel Hirst, LCP Partner and lead transaction adviser.
