The trustee of the Telereal Pension Plan has completed a £130m full scheme buy-in with Aviva, securing the defined benefit (DB) liabilities for around 500 scheme members.

Although the deal will remove the investment and longevity risk to the sponsoring employer, Telereal Services Limited, members will see no change in their benefit entitlement as a result of the transaction.

Commenting on the deal, Telereal Pension Plan trustee chair, Carl Clissold, said: “The trustees are delighted to have reached this significant milestone for the members and would like to thank all parties, including the plan’s sponsor Telereal Services Limited, who have all collaborated in closing this transaction within a short timescale.

"Our work will continue as we prepare the schemes for buyout with a smooth transition and the delivery of member benefits.”

Adding to this, Aviva BPA 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 and completed quickly, thanks to all parties collaborating to reach a successful outcome. We look forward to welcoming Telereal members as Aviva customers in due course.”

Aon associate partner, Joe Hathaway, also stressed the importance of a "quick execution" in securing the deal on attractive terms for the trustees, arguing that this "relied on all parties working extremely hard over just a few weeks".

"The straightforward execution offered by Aon’s Pathway service – which is specifically designed for schemes of this size – was vital in allowing us to move quickly,” Hathaway added.

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