Aviva Finishes Kingfisher Pension Scheme Bulk Annuity Transaction
Posted on 07/24/2021
Aviva plc disclosed it completed a £900 million bulk purchase annuity transaction in July 2021, with the Kingfisher Pension Scheme. Kingfisher plc is a British multinational retailing company headquartered in London, which manages brands including B&Q and Screwfix. Aviva will insure the defined benefit pension liabilities for over 8,000 members, taking responsibility for the investment and longevity risk of these members from the Plan. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.
The process to select an insurer and negotiate terms was led by Aon. The trustee received actuarial advice from Hymans Robertson and legal advice from Eversheds Sutherland (International) LLP and Aviva was advised by DLA Piper.
Keywords: Kingfisher Pensions.