The Iveco Limited Pension Scheme has completed a £100m bulk purchase annuity transaction with Aviva. The deal secures the benefits of all 225 deferred and 1,127 pensioner members.
The Trustee Board was chaired by David Archer of Zedra Governance Limited.
“Our focus is always on protecting members’ interests, securing their benefits and providing long-term certainty. The professionalism, collaboration and shared approach shown by the entire team involved in this transaction were instrumental in delivering an excellent outcome for members. We are pleased to have contributed to its success,” he said.
“It was a pleasure to welcome the joint working group to our offices to show them how we will look after their members. The thorough preparation by the Trustees and their advisers contributed to a smooth transaction and positioned the scheme well for the transition to Aviva,” added John Fothergill, Senior Deal Manager at Aviva.
XPS Group acted as specialist de-risking adviser to the trustee; Pi Partnership, represented by Simon Davies, acted as secretary to the trustee and Squire Patton Boggs provided legal advice. XPS also acted as a scheme administrator and scheme actuary. Lane Clark and Peacock provided investment advice to the trustee. Aviva’s legal advice was provided in-house.
“This was a really challenging but also enjoyable transaction, with everyone pulling together to meet some tight timescales. The level of engagement from the insurers was excellent, which resulted in a competitive process, lots of choice for the Trustee and Company and ultimately an insurer that met their requirements for the long-term future of the Scheme,” said Patrick Lloyd, Transaction Lead at XPS.
