Investment - Articles - Aviva announce bulk annuity deal with Homestyle Pensions

Aviva have announced it has completed a £103million bulk purchase annuity transaction for the Homestyle 2007 Pension Scheme.

 Aviva will insure the defined benefit pension liabilities of all 1,294 members, removing the investment and longevity risk of these members from the scheme. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction. 

 The process to select an insurer and negotiate terms was led by EY on behalf of Homestyle Pension Company Limited, the sponsoring employer of the pension scheme. BESTrustees is an independent Trustee to the Homestyle 2007 Pension Scheme. They were advised by Isio and received legal services from Squire Patton Boggs. Homestyle Pension Company Limited received legal advice from Addleshaw Goddard.

 Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: “We are delighted to have worked with the trustee of the scheme to complete this transaction which brings security for their pension scheme members. All parties have worked well to deliver a smooth transaction, with close collaboration and pre-agreed terms helping deliver a positive outcome.”

 Taylor Dewar, Partner at EY-Parthenon, commented: “The bulk annuity purchase for the Homestyle 2007 Pension Scheme is a positive outcome for both the scheme members and the sponsoring employer. We are particularly pleased to have been able to move quickly to complete this transaction, giving our client confidence in the transaction in turbulent markets.”

 Rachel Tranter, Director at BESTrustees and Chair of Trustee for the Scheme, said: “I am really pleased we’ve been able to complete this transaction, which materially improves the security for all members of the pension scheme. The transaction required all parties to work collaboratively and at speed to take advantage of attractive pricing in the market. It was a great team effort and I am delighted that we’ve been able to bring some welcome news to the scheme members.”

 Richard Hassan, Scheme actuary and Director at Isio, said: “I am incredibly proud of the effort and problem solving skills applied by the whole team to enable this transaction to take place in such short timescales. It was a highly complex task to prepare it for buy-out ready. This is a great result for all parties, in particular the members.”

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