Aviva completes second takeover transaction with Cruden Investment Limited Retirement Benefits Scheme


Aviva Life & Pensions UK Ltd announces the completion of a £3 million buyout transaction with the Cruden Investment Limited Retirement Benefits Scheme (the Scheme). Cruden Investment Limited is part of Cruden Holdings, one of Scotland’s largest development and construction groups.

The transaction announced today follows a previous £7 million retiree-only transaction completed in 2018. In completing this latest buyout, the trustees have now successfully transferred all remaining defined benefit liabilities to Aviva.

The process was carried out on behalf of the trustees by PwC as lead transaction advisor, while Burness Paull LLP and Barnett Waddingham provided legal and actuarial support respectively.

Kevin Reid, Director and Managing Director of Cruden Investment Limited, said“This is a fantastic result for both the fiduciary and the company. Being able to deliver benefits to all members based on our strong pension relationship with Aviva is a great achievement. Working with PwC as an independent transaction-focused advisor, who led the market approach while collaborating with the actuary and other plan holder advisors, meant we were well placed and informed to exploit market conditions. rapidly changing market in early 2022. contribution was required by the Company, which has now fully insured all of its defined benefit pension risks with Aviva.

Jamie Cole, head of bulk purchase annuity origination at Aviva, said“We are pleased to have assisted the trustees in completing their long-term risk reduction strategy for the plan. Overall, marketplace provider Aviva works with programs of all sizes coming to market. In this case, our ongoing relationship with the system and initial preparation made for a smooth and efficient transaction. »

Ross Breckon, Pension Risk Transfer Project Manager at PwC, added“We are pleased to have helped the Trustees reach this agreement for their members. It’s a great example of how small plans can achieve their goals in the retirement insurance market by leveraging the expertise of an independent, transaction-focused advisor. Based on our understanding of the market and the plan-specific factors at play, we have taken a different approach to the market, which has enabled us to secure the desired agreement and terms for trustees in an increasingly busy. ”


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