Two of Fenwick’s pension schemes have completed bulk purchase annuity (BPA) buy-in transactions totalling £113m (€130m) with Aviva, as part of a series of deals that stretch back to 2012.
The transactions secure all remaining benefits for members of the Fenwick Limited Superannuation Fund and the Fenwick Senior Executive Pension Fund, sponsored by the UK-based department store group Fenwick.
The trustees and sponsor were advised by XPS, which led the transaction processes, with legal advice provided by DLA Piper. LCP provided actuarial, investment and administration services to the scheme. Aviva was advised internally.
Dickon Best, trustee director at Independent Governance Group, said: “As professional corporate sole trustee, we are pleased to have helped steer both schemes through to successful buy-in transactions, building on the existing partnership with Aviva. As a result of the deals, all our members now have their benefits secured, and we are happy to have achieved such a strong outcome.”
Emma Thomas, deal manager at Aviva, added: “The careful preparation by the trustees and their advisers paid dividends in enabling a smooth execution and provides a strong base for the implementation stages that follow. We have established a partnership with the Fenwick group across both DB [defined benefit] and DC [defined contribution] schemes, and it has been a pleasure to play a part.”
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