The AWH Group Pension Scheme has completed a bulk annuity buy-out transaction worth £2.3m.
The AWH Group Pension Scheme provides for employees of specialist textile manufacturer AW Hainswoth; the transaction was insured through Aviva, and was completed by K3 Advisory and H&C Consulting Actuaries.
Through the process of this buy-out, the scheme’s liabilities have been transferred to Aviva and the sponsor’s obligation to members has been ended.
Adam Hainsworth, managing director of AW Hainsworth Group said: “[We] are pleased that H&C and K3 have managed to secure this deal with Aviva, now completing the journey to securing benefits for all of our members.”
Adam Davis, managing director at K3 Advisory, said: “The buy-out market for small schemes is growing exponentially and K3’s unique approach is now helping such schemes stand out to insurers, helping secure them deals that otherwise may not be available to them. As a family backed business ourselves, it’s especially pleasing to help AW Hainsworth, an iconic, family-owned business which is 235 years old to secure benefits for their members.”
Jamie Cole, deal management lead at Aviva DB Solutions, added: “We’re pleased to have helped [an organisation] with such rich heritage secure the long-term benefits for scheme members. We’ve worked closely with the advisers to deliver this transaction. Their focus on running an efficient process has helped secure this buyout, demonstrating the market is open for well-prepared small schemes.”