The Molins UK Pension Fund has completed of a £249m bulk purchase annuity buy-in transaction with Aviva.
The transaction, which was completed in June 2025, secures the benefits of over 3,500 members of the scheme. Mpac Group PLC is the sponsoring employer of the fund.
“We are pleased to have achieved this significant step that will provide greater security for members’ benefits. The collaborative and constructive approach between the trustee, Mpac Group Plc (the scheme sponsor) and our advisers has helped to secure this very positive outcome,” said Sanjay Gupta of BES Trustees and Chair of the Trustee.
“We’re pleased to have supported the trustees of the Molins UK Pension Fund in their ambition to secure scheme members’ benefits. This transaction reflects Aviva’s ability to manage different benefit structures and provide bespoke options to meet the needs of the trustees. The collaboration between all parties involved was key to achieving a positive outcome and we look forward to formally welcoming members of the scheme to Aviva in the future,” added Paul Donnelly, BPA Deal Manager at Aviva.
The trustees of the Molins UK Pension Fund were advised by WTW, who led the transaction process, with legal advice provided by Mayer Brown.
“We are delighted to have been able to help the trustee secure members’ benefits through a bulk purchase annuity policy, which has been a long-term goal of both the trustees and the sponsoring employer. The transaction benefitted from the agility and collaboration of processes with the Joint Working Group, its advisers and Aviva, to navigate the transaction alongside the sale of illiquid asset holdings,” said Tom Ashworth, Risk Transfer Director at WTW and lead adviser on the transaction.
“We are delighted to have advised and supported the trustees of the Molins UK Pension Fund on this bulk purchase annuity transaction, which is a significant step towards securing the security of members’ benefits. Key to achieving this outcome was the collaborative and constructive approach between stakeholders and advisers,” added Tom MacAulay, Partner at Mayer Brown.
