Aviva has secured a buyout arrangement with the TKM Group Pension Scheme (the ‘Scheme’), sponsored by Inchcape plc, covering £300 million of pension liabilities. Citi acted as a sole arranger of the transaction acting on behalf of and as advisor to Inchcape plc. The Trustee was advised by Squire Patton Boggs, Barnett Waddingham and Premier Pensions.
The deal was transacted within two months of the initial conversation and involves Aviva ultimately assuming responsibility for paying pensions to over 3,000 retired members and 1,700 deferred members of the scheme.
Nick Johnson, Managing Director of Bulk Purchase Annuities at Aviva, said:
“This deal again demonstrates the expertise we have in bulk purchase annuities and I’m delighted we were abIe to help the Trustee achieve its goal. For scheme members this means they can be sure that their futures are secured and their savings are being administered by one of the biggest pension providers in the country.”
Swapnil Katkar, Head of European Corporate Pension Solutions at Citi, said:
“As advisor to the corporate sponsor, we are pleased that this transaction allowed the corporate sponsor (and the Trustee Board) to achieve their objectives of insuring all member liabilities through a bulk annuity. Working closely with the Trustee Board and its advisers, sponsor representatives and Aviva allowed us to conclude the policy acquisition within a short timeframe and on competitive terms.”
Ends
If you are a journalist and would like further information, please contact Ben Moss, Aviva Press Office on 0117 928 5843 or 07827 832 395 or email: ben.moss@aviva.com
Citi: Jeffery French 020 7500 8304 or jeffery.french@citi.com
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide
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