The transaction was conducted using Aviva’s Clarity service, adopting their fast-track finalisation process for schemes moving rapidly to buy-out. This required the data to be in excellent condition prior to the transaction and the benefits being secured to be certain. The work done by Broadstone to fully prepare the Scheme in the period leading up to the transaction meant that the buy-in could be finalised and then converted to a buy out within two months of the initial transaction.
Broadstone acted as annuity broker, adding to their longstanding appointment as Scheme Actuary, investment consultants and administrator. Legal advice for the Trustees was provided by Arc Pensions Law and was provided in-house for Aviva.
Mark Channon, Senior Actuarial Director and Deal Lead at Broadstone, said: “This was a perfect example of how Broadstone’s full-service approach to a buy-in using the SM&RT Insure approach leads to excellent outcomes. Working seamlessly with the Scheme Actuary and the administration team meant we were able to present a perfectly prepared scheme for the transaction. Collaborating with Aviva’s implementation team ensured a record turnaround time of two months to finalise the buy-in and move the Scheme rapidly to buy out.”
Nick Boyes, Trustee Director, commented: “Broadstone identified at an early stage the suitability of the Scheme for Aviva’s Clarity proposition with fast-track option. Broadstone and Arc then worked quickly and diligently with Aviva to prepare the Scheme so it was suitable not just for the initial buy-in but to be in a position to convert it rapidly to the buyout afterwards - an incredible result that will save the Scheme significant ongoing costs. The Trustee is thankful for the contribution made by the Company which allowed the transaction to proceed, and I am confident that our members will be given the best possible service from Aviva in the future.”
Andrew Shaposhnikov, Senior Business Development Manager at Aviva, said: “This transaction is a great example of the benefits of our Aviva Clarity service and the Fast-track option for schemes moving rapidly to buy-out. The process worked seamlessly, thanks to excellent preparation by Broadstone the Trustee and meant we were able to move from buy-in to buy-out in under two months. This speed means less complexity for trustees and more time for our teams to focus on what matters: providing a smooth and high-quality experience for scheme members.”
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