BESTRUSTEES’ client Molins UK Pension Fund has secured a £249m buy-in deal with Aviva. The bulk purchase annuity (BPA) transaction – completed in June – secures the benefits of over 3,500 members of the scheme, which is sponsored by Mpac Group.
BESTrustees’ trustee chair Sanjay Gupta said: “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 and our advisers has helped to secure this very positive outcome.”
Aviva BPA deal manager Paul Donnelly added: “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.”
Collaboration between all the parties involved was key to achieving a positive outcome. WTW led the transaction process and advised the scheme trustees, while Mayer Brown provided legal advice.
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