RAC Pension Scheme, Walsall, England, has completed a £1.3 billion ($1.7 billion) bulk purchase annuity full plan buy-in with insurance firm Aviva, according to a news release.
The transaction was finalized in August, and secures benefits for the plan’s 19,000 members. Features of the deal included the transfer of illiquid assets, in accordance with the Solvency II regulations which U.K. insurers adhere to.
RAC is a U.K.-based automotive services company, specializing in insurance and roadside assistance.
The plan trustees were advised by Hymans Robertson and legal advice was provided by Linklaters.
“At Aviva, we pride ourselves on reaching successful outcomes for schemes, so we’re really pleased to have secured benefits for RAC plan members,” said Andy Morley, senior deal manager at Aviva, in the news release.
“This transaction was complex and required the expertise and commitment of all parties.”
As of June 30, group assets under management at Aviva totaled £398 billion.
