Aviva has completed a £200 million bulk purchase annuity scheme buy-in with the Merseyside Pension Fund (MPF), securing the benefits of 2,500 MPF members from Arriva Merseyside Ltd. The transaction, finalized in June 2024, was managed by Wirral Borough Council as the Administering Authority, with Mercer as the lead adviser and Eversheds Sutherland LLP providing legal advice. The Administering Authority prioritized Environmental, Social, and Governance (ESG) considerations in selecting Aviva as the insurer. Aviva s commitment to sustainability, demonstrated through its Sustainability Principles Charter for Bulk Purchase Annuities and actions on climate change and social action, helped build stronger communities. John Fothergill, Senior Deal Manager at Aviva, highlighted the streamlined process Aviva Clarity, which standardizes trustee assistance. The transaction s success was also attributed to the clarity, expertise, and tenacity provided by Mercer and Eversheds Sutherland, ensuring compliance with public procurement legislation and securing competitive pricing and good contractual terms. Peter Wallach, Director of Pensions at Wirral Borough Council, expressed satisfaction with the expanded risk management strategy, which provided cost certainty for Arriva Merseyside, the Fund s largest non-public sector constituent employer. The project s complexity was managed effectively, resulting in a Charter signatory status for Merseyside Pension Fund. Ian Kirk, Group Pensions Manager at Arriva Group, praised the transaction for minimizing risk and protecting member benefits. Andrew Pugh, Risk Transfer Principal at Mercer, emphasized the customized broking and procurement process that maximized insurer engagement and secured the best deal for the bulk annuity transaction. Amanda Small, partner at Eversheds Sutherland, expressed pleasure in assisting the Administering Authority in implementing its risk management strategy. The Authority s clear objectives were achieved through combined expertise in procurement law, public sector pensions, and risk transfer. Aviva, a diversified
Source: webwire.comPublished on 2024-09-20
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