The trustee of the Wolseley Group Retirement Benefits Plan has completed a £600m buy-in with Aviva Life & Pensions UK Limited, covering the retirement benefits of nearly 10,000 members.

The scheme sponsor, Ferguson, made an additional contribution of £41m in addition to the plan's assets to secure the purchase of the buy-in policy, which was finalised in September 2025.

The company was advised by LCP and Freshfields, whilst the trustee took specialist legal and pensions advice from CMS and Aon, who also acted as the lead transaction adviser.

The deal is intended to increase certainty for scheme members, the trustee and the company and further strengthen benefit security, ensuring members are less reliant on both investment decisions made by the trustee and the long-term success of the sponsor.

Plan trustee and Vidett chief executive officer, Wayne Phelan, highlighted the buy-in as an "important milestone for the plan and an extremely positive development for members".

"As trustee, we’re there to make sure plan members receive the benefits they’ve earned," he continued.

"We have been working closely with the company, advisers and Aviva to achieve this extra security for members, which would not have been possible now without the company’s commitment and additional financial support.”

Adding to this, Ferguson UK finance director, Julia Mattison, said: “Ferguson is proud to have supported the plan trustee in achieving this significant buy-in with Aviva.

"This transaction demonstrates our ongoing commitment to protecting the security of member benefits for the future.

"We are grateful for the collaboration between the company, trustee and all advisers during this complex process.”

Aon partner, Hannah Brinton, also stressed the importance of preparation and collaboration, stating: “We were delighted to partner with the trustees, including Vidett, and Ferguson on this complex transaction.

"A highly competitive auction process, and careful management of illiquid asset sales, ultimately led to a great outcome for all parties and importantly members of the plan. This further underpins that there continues to be opportunities in the insurance market for well positioned schemes.”

Aviva senior deal manager, Sarah Cave, echoed this: “It’s been a pleasure to work with the trustee and its advisers to provide long-term security for members of the plan through this significant buy-in transaction.

"This milestone reflects the strength of collaboration between all parties and the shared commitment to delivering robust member outcomes.”

---