The Macmillan Cancer Support Pension Scheme has completed a full member buyout with Aviva.

The buyout comes after the pension scheme agreed a £33.7m full member buy-in with the insurer in the summer of 2024.

As part of the transaction, the scheme trustees were able to return a surplus of approximately £2.5m to Macmillan Cancer Support.

The trustees said the deal had secured members’ benefits in full, with some receiving enhanced benefits, and removed any future risk of Macmillan having to provide any future contributions to the scheme.

Pinsent Masons provided legal advice to the scheme, while Van Lanschot Kempen Investment Management (UK) acted as fiduciary manager, and Aon acted as project manager.

Emma Moscrop was the scheme secretary and adviser to the pension trustees, Payam Kazemian from Zedra Governance was the independent trustee, and Declan Keohane of First Actuarial was scheme actuary and administrator.

The Macmillan Cancer Support Pension Scheme was closed to new members in 2005 and to all new monetary contributions in 2010, and moved into a funding surplus in recent years thanks to the scheme's investments.

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