The Finnair Oyj Retirement Benefit Scheme has completed a £4m full scheme buy-in and subsequent buyout with Aviva in under two months, securing the benefits of all 20 previously uninsured members.

The scheme, sponsored by Finnair Oyj, completed the buy-in in October 2025, with the sponsor providing full insurance for the remaining members’ benefits.

The transaction was carried out using Aviva’s Clarity service, which adopted its fast-track option for schemes moving rapidly to buyout.

This required a high level of data readiness and certainty about the benefits ahead of the transaction.

Preparatory work undertaken by Broadstone enabled the buy-in to be finalised and converted to a full buyout within two months of the initial transaction.

Broadstone acted as annuity broker, alongside its longstanding roles as scheme actuary, investment consultant and administrator.

Legal advice to the trustee was provided by Arc Pensions Law, while Aviva provided in-house advice.

Broadstone senior actuarial director, Mark Channon, said the transaction demonstrated the strength of the firm’s full-service approach.

"Working seamlessly with the scheme actuary and administration team meant we were able to present a perfectly prepared scheme for the transaction," he continued.

"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 buyout.”

Finnair Oyj Retirement Benefit Scheme trustee director, Nick Boyes, stressed that early identification of the right insurer solution was key.

“Broadstone identified at an early stage the suitability of the scheme for Aviva’s Clarity proposition with a fast-track option," he said.

"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.

"This is an incredible result that will save the scheme significant ongoing costs.”

He added that the trustee was grateful to the sponsor for its contribution, which enabled the transaction to proceed, and said he was confident members would receive a high level of service from Aviva going forward.

Meanwhile, Aviva senior business development manager, Andrew Shaposhnikov, claimed the deal highlighted the benefits of streamlined processes.

"Excellent preparation by Broadstone and the trustee meant we were able to move from buy-in to buyout in under two months, reducing complexity for trustees and allowing our teams to focus on delivering a smooth, high-quality experience for members," he concluded.

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

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