Aston Martin Lagonda Pension Scheme has completed a £180m bulk purchase annuity (BPA) buy-in with Aviva, securing the benefits of around 540 pensioners and 1,050 deferred members.
The full scheme buy-in was completed this month, following a tailored market approach led by LCP, which generated competitive terms and enabled parties to move quickly.
LCP acted as lead risk transfer and investment adviser to the trustee, with Burges Salmon providing legal advice on the transaction. Gallagher acted as scheme actuary and administrator to the trustee. Aviva’s legal advice was provided in‑house. PWC and Sackers provided advice to the scheme’s sponsor.
Charles Ward, chair of trustees at Dalriada Trustees, said: “This is a fantastic result for the scheme’s members, achieved significantly ahead of expectations.”
Fiona Forster, group financial controller at Aston Martin, said the transaction demonstrates “what can be accomplished with the right strategy in place, and the collaboration between sponsor, trustees and advisers in working together towards a common goal”.
Kerry Foster, BPA deal manager at Aviva, added: “Speed and certainty were critical to getting this transaction over the line and we were able to move at pace, helping the scheme and its sponsor meet its objectives sooner than expected.
“This deal highlights the value of how a scheme’s approach to market is structured, and LCP ran an effective process which allowed us to put our best foot forward to unlock an attractive opportunity for the scheme.”
