The Wolseley Group Retirement Benefits Plan has completed a £600m (€682m) bulk purchase annuity (BPA) buy-in with Aviva, securing the benefits of nearly 10,000 members.
The buy-in, finalised in September 2025, secures all remaining uninsured defined benefits in the plan.
The transaction follows a £600m buy-in deal with Pension Insurance Corporation (PIC) in 2017, which at the time covered all of the plan’s pensioner liabilities.
For the latest transaction, the trustee was advised by Aon as lead transaction adviser, and CMS provided legal advice. The plan sponsor was advised by LCP and Freshfields.
Wayne Phelan, chair of the fund’s trustees and chief executive officer of Vidett, branded the transaction a “milestone” for the plan.
He said: “As trustee, we’re there to make sure plan members receive the benefits they’ve earned. We have been working closely with the company, advisers and Aviva to achieve this extra security for members, which would not have been possible now without the company’s commitment and additional financial support.”
Sarah Cave, senior deal manager at Aviva, added: “It’s been a pleasure to work with the trustee and its advisers to provide long-term security for members of the plan through this significant buy-in transaction.
“This milestone reflects the strength of collaboration between all parties and the shared commitment to delivering robust member outcomes.”
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