The BPT Retirement Benefits Scheme has completed a £20m full scheme buy-in with Aviva, securing the benefits of 49 deferred members and 50 pensioners.

The transaction covered the buy-in of all scheme liabilities using scheme assets, without needing additional contributions from the sponsor, a subsidiary of Grainger PLC.

Broadstone provided annuity broking alongside actuarial services, investment consultancy and scheme administration, while Womble Bond Dickinson provided legal advice.

Grainger said it was keen to remove ongoing risks and costs to continue growing and focus on its core business.

Commenting on the transaction, Grainger group general counsel & company secretary and chair of trustees, Adam McGhin, said: “We have been working with our advisers to secure the position, and with their support identified that a buy-in transaction was the optimal approach for the members, trustees and the company.

“We were pleased by the improvement in funding that was disclosed in our valuation.

“Broadstone expertly guided us through an intense preparation phase which, working with Womble Bond Dickinson, meant we secured an excellent outcome for all involved and a smooth transaction.” 

Adding to this, Aviva BPA deal manager, Paul Donnelly, said: “We worked exclusively with the trustees early in the process to ensure a smooth and straight-forward transaction.

“The scheme was extremely well prepared which meant we could proceed at pace, using our streamlined service, Aviva Clarity.

“We look forward to welcoming scheme members as Aviva customers in due course.”

Broadstone deal lead, Bob Jenkinson, said that the deal had been a really rewarding exercise as there was significant work to complete to ready the scheme for market.

“By preparing the scheme well, we were able to swiftly complete the transaction through Aviva’s streamlined process,” Jenkinson added.

“The transaction achieves the objectives of the trustees and company, highlighting the benefits of following our SM&RT Insure process.”

This article was first published on our sister title, Pensions Age.

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