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DEFINED BENEFIT

Federated Flexiplan completes pension buy-in with Aviva

Federated Flexiplan No. 1, Manchester, England, completed a £70 million ($86.7 million) buy-in with Aviva.

The deal secures the benefits of 2,500 participants of the U.K. charities £90 million multiple employer plan, said a news release from Entrust Pension, the pension fund’s professional trustee.

Entrust Pension will continue to manage the defined benefit plan over the next 12 months, after which the plan will be fully transferred to Aviva.

“By showcasing the quality of (Aviva’s) personnel and their use of innovative administration systems, we felt assured that our members are getting a great deal. Our employers can now concentrate on funding hospices, medical research and housing and education projects in the knowledge that their hard-working employees’ pension benefits are secure,” said Patrick Kennedy, partner at Entrust Pension, in the news release.

Suresh Bhatt, director at Entrust, added in the release: “By working as a team with employers and advisers, we achieved our shared objective two years earlier than expected.”

KPMG advised the pension fund on the deal.