The Electricity Supply Pension Scheme, London, has completed a £1.7 billion ($2.2 billion) plan buy-in with insurance firm Aviva, according to a news release.
The plan’s sponsor is the National Grid, a multinational gas and electricity firm, responsible for transmission of electricity across the U.K.
The transaction, which was completed in October 2024, included transitioning the plan’s existing longevity swap with Zurich Assurance to Aviva, and insures the benefits for 5,800 plan participants.
“We are pleased to have been able to take the next important step on our de-risking journey,” said Stephen Yandle, chair of the National Grid Trustee Board, in the news release.
“The transaction is great news for participants, adding further protection to their benefits, and on terms that are fully aligned with our strategic objectives.”
Aon acted as the sole transaction adviser, covering actuarial, investment and broking aspects. Legal advice to the trustees was provided by DLA Piper U.K, with further advice provided by Mayer Brown International.
