The OSG Ship Management (UK) Limited Retirement Benefits Plan has completed a £16m full scheme buy-in with Aviva, covering the defined benefit (DB) liabilities for 53 members from OSG.

Entrust provided support on the deal, acting as sole corporate trustee of the scheme, with additional support from Aon.

Entrust trustee director and executive chairman, Patrick Kennedy, highlighted the deal as a "significant milestone" for the members, thanking the parties involved, including the plan’s sponsor and the parent company International Seaways Inc, who collaborated in closing this transaction.

"We are incredibly proud of this achievement and our focus on members will continue as we prepare the plan for a smooth transition to buyout," he said.

Adding to this, Aviva senior deal manager, Sean Rooney, said: “We’re delighted the trustee selected Aviva to secure member benefits, and we’ll continue to work closely with them to ensure a smooth transition.

"The process was well managed by Aon, using its streamlined Pathway proposition alongside the Aviva Clarity process and completed quickly and efficiently thanks to all parties collaborating to reach a successful outcome.”

Aon associate partner, Jamil Merali, also stressed the importance of collaborative working, which enabled "highly effective decision-making".

“Making use of our Pathway solution proved to be really effective for maximising insurer attention and ultimately allowing the plan to secure a full scheme buy-in at pace," Merali added.

"This ensured we agreed terms that were attractive to all parties and enabled the trustee to secure benefits with its preferred counterparty."

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