Homestyle 2007 Pension Scheme, London, completed a £103 million ($137 million) bulk annuity deal with Aviva, covering liabilities of all participants.
The deal is the first and last pension risk transfer for the £103 million pension fund, confirmed Rachel Tranter, director at independent trustee BESTrustees and chairwoman of the trustees for the pension fund.
Aviva will insure the liabilities of all 1,294 participants. It covers all but some residual liabilities, which will be dealt with before the policy is converted to a buyout, Ms. Tranter said.
Strategic consultancy EY-Parthenon led the process to choose an insurer and negotiate terms for the deal on behalf of the sponsoring employer, Homestyle Pension Co. The employer received legal advice from Addleshaw Goddard. BESTrustees was advised by Isio and law firm Squire Patton Boggs.
