The trustee board of the Meat and Livestock Commission’s pension scheme has completed a £150 million buy-in with Aviva.
The deal, advised by Towers Watson, involves Aviva making payments to the scheme equivalent to pensions for over 900 members.
The contract with Aviva will be held as an asset of the pension scheme and it will pay benefits directly to the trustee board.
Lorraine Clinton, chair of trustee board for the Meat and Livestock Commission pension scheme, said: “The trustees are delighted to enter into this long-term relationship with Aviva, which provides our members with even greater benefit security.”
James Staveley-Wadham, senior consultant at Towers Watson, said: “As part of the trustee board’s overall de-risking strategy it acted decisively to secure this opportunity to manage risk.”
Graham Boffey, life distribution director at Aviva UK, added: “This deal shows that bulk annuities continue to play an important role in the defined benefit risk management arena.”
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