The Guilbert UK Retirement Benefits Plan has completed a £140m full scheme buy-in transaction with Aviva, insuring the liabilities for all 1,500 scheme members.

The tender process was led by PwC, which provided transaction advice to both the trustee and sponsoring employer, while Travers Smith provided legal advice.

Mercer provided administration, scheme actuary and investment advice to the scheme trustee.

The scheme’s sponsor is Office Depot UK Pension Sponsor Limited, a distributor of office supplies.

Members will see no change in the benefits they receive as a result of the transaction, which removes the investment and longevity risk of these members from the scheme.

Commenting on the completion of the deal, Guilbert UK Retirement Benefits Plan chair of the trustee and Pan Trustees director, Mike Roberts, said the trustees were delighted to have secured the deal, which will provide greater security and certainty for scheme members’ benefits.

“With a lot of moving pieces and the constantly evolving landscape of the bulk purchase annuity market, PwC led the process with excellent support from Travers Smith and Mercer to carefully navigate a number of factors to reach this great outcome for both the trustee and the company,” he added.

Aviva bulk purchase annuity deal manager, Emma Thomas, stated: “The transaction was tightly managed and a close collaboration between teams, plus careful preparation, helped deliver a smooth and efficient process – an increasingly important consideration for all parties in this busy market.”

Also commenting on the transaction, PwC risk transfer deal lead, Jani Singh, said: “In a market that is busier than ever, we are pleased to have worked to design and transact a deal that met the objectives of both the trustee and company.

“This included paying particular attention to the preparation stage, allowing us to conduct a multiple insurer process.

“The transaction is the culmination of collaboration by all parties, and we are delighted to reach a successful outcome for the scheme and its members.”

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