The NTL 1999 Pension Scheme has secured a £120m full scheme buy-in with Aviva, securing retirement benefits for around 650 members.

The transaction removes both the investment and longevity risk of these members of the scheme, although members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

The deal was led by XPS Pensions Group, while Eversheds Sutherland provided legal advice.

NTL 1999 Pension Scheme chair of trustees, Ross Russell, said that the trustee was “delighted with the outcome of the project" after years of collaborative work.

“The trustees are really pleased to have insured substantially all of our members’ benefits with Aviva," he continued.

"This transaction achieves maximum security for members’ benefits whilst stabilising the funding position of the scheme. We have been working towards this goal over a number of years and found it really beneficial to work closely and collaboratively with our advisers.”

XPS Pensions Group partner, Ash Williams, also highlighted the deal as the “culmination of years of strategic planning and preparation to get the scheme ‘transaction ready’”.

“As a result of this preparatory work, we were able to move really quickly when the market opportunity presented itself and managed to get strong engagement across the market, securing great terms for the scheme’s members and Aviva.”

Adding to this, Aviva head of bulk purchase annuity origination, Jamie Cole, stated: “We are delighted that the trustees of the scheme chose Aviva to secure member benefits.

"All parties have collaborated to deliver a very smooth transaction. Our focus now is to work closely with the trustee to ensure the transition is managed as quickly and efficiently as possible.”

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