The Molins UK Pension Fund has completed a £249m buy-in deal with Aviva, securing the benefits of over 3,500 members of the scheme.

The scheme trustees were advised by WTW, who also led the transaction process, whilst legal advice was provided by Mayer Brown.

BESTrustees chair of the scheme trustee, Sanjay Gupta, highlighted the buy-in as a “significant step” that will provide greater security for members’ benefits.

“The collaborative and constructive approach between the trustee, Mpac Group Plc (the scheme sponsor) and our advisers has helped to secure this very positive outcome,” Gupta stated.

Adding to this, WTW risk transfer director and lead adviser, Tom Ashworth, said: “We are delighted to have been able to help the trustee secure members’ benefits through a bulk purchase annuity policy, which has been a long-term goal of both the trustees and the sponsoring employer.

“The transaction benefitted from the agility and collaboration of processes with the joint working group, its advisers and Aviva, to navigate the transaction alongside the sale of illiquid asset holdings”.

Mayer Brown International LLP partner, Tom MacAulay, also stressed the importance of a collaborative and constructive approach between stakeholders and advisers during the deal.

“We are delighted to have advised and supported the trustees of the Molins U.K. Pension Fund on this bulk purchase annuity transaction, which is a significant step towards securing the security of members’ benefits," he said.

Also commenting on the deal, Aviva BPA deal manager, Paul Donnelly, said: “We’re pleased to have supported the trustees of the Molins U.K. Pension Fund in their ambition to secure scheme members’ benefits.

“This 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.”

---