The British Red Cross Pension Fund, London, and the Scottish Branch, British Red Cross Society Retirement Benefits Scheme completed a £30 million ($36.5 million) buyout with Aviva, the organizations said in an Oct. 25 release.
The transaction covers a total of 360 participants.
Trustees were advised by Barnett Waddingham, and Womble Bond Dickinson provided legal advice.
Jamie Cole, head of bulk purchase annuity origination at Aviva, said in the release that Aviva and the British Red Cross have a long history together, including this year's launch of the Building Resilience Together program to set up community resilience hubs across the U.K. to deal with climate emergencies.
