Fenwick’s pension schemes have completed buy-in transactions totalling £113m with Aviva, securing all remaining benefits for members.

The transactions cover both the Fenwick Limited Superannuation Fund and the Fenwick Senior Executive Pension Fund, sponsored by the British department store group.

They follow a series of deals between the parties dating back to 2012.

The trustees and sponsor were advised by XPS, who led the transaction processes, with legal advice provided by DLA Piper. LCP delivered actuarial, investment and administration services to the schemes. Aviva was advised internally.

Commenting on the deal, Independent Governance Group trustee director, Dickon Best, said the buy-ins marked the culmination of a long-term journey to secure members’ benefits.

“As Professional Corporate Sole Trustee, we are delighted to have guided both schemes through to successful transactions,” he continued.

“These deals build on the existing partnership with Aviva and ensure every member’s benefits are now safeguarded. It’s a strong outcome, and we are grateful to the advisory teams and the company for their support throughout.”

Aviva deal manager, Emma Thomas, highlighted the continuity of the relationship with Fenwick’s schemes, which stretches back more than a decade.

She noted that careful preparation by the trustees and advisers had enabled a “smooth execution” of the transactions and laid “a strong base for the implementation stages that follow”.

Thomas added: “Providing this level of security to members, while building long-term partnerships across both DB and DC schemes, is what makes our role so rewarding.”

Reflecting on the process, XPS partner, Ash Williams, emphasised the collaborative nature of the work.

“These were complex transactions involving a wide range of stakeholders, but by working closely as one group, we were able to deliver a swift execution and an excellent result for members.

“It’s a great example of how effective collaboration between trustees, the company and advisers can bring real security and stability to pension scheme members,” said Williams.

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