Pensions - Articles - Aviva completes buy out of Sea Containers pension scheme

 Stephen Purves, Deal Management Lead at Aviva, said: “We’re delighted that the Trustees have chosen Aviva to insure the benefits for the members of the Scheme and we believe that this deal further demonstrates our capabilities and ambitions in the bulk annuity market.

 “We’re continuing to see very strong demand for bulk annuity deals as more and more trustees and sponsoring employers look to de-risk their defined benefit pension schemes.”

 Link ATL Pension Trustees Limited (formerly Capita ATL Pension Trustees Limited) and part of Link Asset Services is the professional trustee on the board, supporting the Scheme’s long-standing Trustees. The Trustees were advised throughout the process by Mercer and Gowling WLG.

 Jane Fryer, (Link ATL Pension Trustees Limited) Chair of Trustees said: “We are delighted to have been able to secure benefits for members above PPF compensation levels and to be in a position to wind up the Scheme, some years since the Scheme (together with the Sea Containers 1990 Pension Scheme) received the first Financial Support Direction from the Pensions Regulator. We feel the Scheme has gained from recent competitive rates in the market.”

 Neil Rogers, bulk annuity specialist and lead adviser to the Trustees, added: “Mercer was pleased to help the Trustees achieve their important objectives of maximising value to members and obtaining highly flexible implementation terms. The buy-out will provide members with the long-term security they deserve.”