British Bankers’ Association (BBA) pension scheme has completed a £95 million bulk purchase annuity transaction.
The transaction will involve 213 members, removing the investment and risk of these members from the scheme. Members will see no change in their benefits or the way in which they are paid as a result of the transaction.
The process was led by Lane Clark and Peacock on behalf of LawDeb Pension Trustees, with legal advice from Gowling. Barnett Waddingham and Womble Bond Dickinson also advised on the deal.
Henrietta Royle, chief executive at BBA, said: “The long-term security of our pension scheme is extremely important, especially during current times of uncertainty. This successful transaction with Aviva provides that security and is great news for the organisation and our scheme members.”
Sean Burnard, trustee director at LawDeb Pension Trustees and sole corporate trustee of the scheme, added: “We firmly believe this full buy-in represents excellent value in context of a more secure future for BBA’s pension scheme members. When you consider the challenging times we have found ourselves in, unprecedented in fact, we are very pleased to have been able to successfully transact accordingly. This is a testament to extensive stakeholder management and a real lesson in positive collaboration between all the parties involved.”