The Wolseley Group Retirement Benefits Plan has completed a £600m bulk purchase annuity buy-in with Aviva.
Finalised in September 2025, the transaction provides long-term security for the benefits of nearly 10,000 members and secures all remaining uninsured defined benefits in the plan.
This is an important milestone for the Plan and an extremely positive development for members. As Trustee, we’re there to make sure Plan members receive the benefits they’ve earned. We have been working closely with the Company, advisers and Aviva to achieve this extra security for members, which would not have been possible now without the Company’s commitment and additional financial support,” said Wayne Phelan, Chair of the Plan Trustee and Chief Executive Officer at Vidett.
“It’s been a pleasure to work with the Trustee and its advisers to provide long-term security for members of the Plan through this significant buy-in transaction. This milestone reflects the strength of collaboration between all parties and the shared commitment to delivering robust member outcomes,” said Sarah Cave, Senior Deal Manager at Aviva.
The trustee was advised by Aon as lead transaction adviser and CMS provided legal advice. The company was advised by LCP and Freshfields.
“We were delighted to partner with the Trustees, including Vidett, and Ferguson on this complex transaction. A competitive auction process, and careful management of illiquid asset sales ultimately led to a great outcome for all parties and importantly members of the plan. This further underpins that there continues to be opportunities in the insurance market for well-positioned schemes,” said Hannah Brinton, Partner at Aon.