The Broadcasting Support Services Pension Scheme has completed a £6m buyout with Aviva, securing retirement benefits for 59 members.

Whilst the scheme previously entered the Pension Protection Fund (PPF) assessment period after the sponsoring employer went into liquidation, it came out of the assessment when its assets were found to be more than sufficient to secure PPF-level benefits.

“When the problems of the sponsoring employer became apparent to First Actuarial and the scheme trustee, Bestrustees, we took action to de-risk the investments," First Actuarial partner, Keith Williams, explained. "That turned out to be the first step in protecting members’ benefits."

Scheme actuary and administrator, First Actuarial, and Bestrustees were then able to bring together all the available assets to secure member benefits in a buy-in with Aviva, before preparing the scheme for buyout.

As part of this, it used a payment from the insolvency practitioner to secure additional member benefits over and above the PPF entitlement.

Bestrustees chair, Ann Rigby, described the buyout as a "great result" for scheme members, highlighting the deal as demonstration of what can be achieved for smaller schemes when working closely with advisers committed to doing what is in members’ best interests.

"Having two dedicated member trustees remain on the board contributed significantly to the member engagement process," she said.

“This positive outcome for members was partly due to our close working relationship with Bestrustees throughout this protracted period," Williams added.

"We had regular review meetings with Aviva, who were also great to work with – we all appreciated their pragmatic approach.”

---