Molins UK Pension Fund has completed a £249m (€290m) bulk purchase annuity buy-in transaction with Aviva.
The transaction, which was completed last month, secures the benefits of over 3,500 members of the pension fund sponsored by Mpac Group.
The pension fund trustees were advised by WTW, which led the transaction process, with legal advice provided by Mayer Brown.
Sanjay Gupta, chair of trustees at BESTrustees, said: “We are pleased to have achieved this significant step that will provide greater security for members’ benefits.
“The collaborative and constructive approach between the trustee, Mpac Group Plc and our advisers has helped to secure this very positive outcome.”
Paul Donnelly, BPA deal manager at Aviva, added: “We’re pleased to have supported the trustees of the Molins UK Pension Fund in their ambition to secure scheme members’ benefits.”
Donelly said the transaction reflects Aviva’s ability to manage different benefit structures and provide bespoke options to meet the needs of the trustees.
“The collaboration between all parties involved was key to achieving a positive outcome and we look forward to formally welcoming members of the scheme to Aviva in the future,” he added
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