Produce firm A Gomez has completed a £4.8 million buy-out for its retirement benefits scheme in a six-month process.
The deal was completed through Aviva Clarity, a service that simplifies and expediates the transaction process for smaller schemes.
The buy-out was completed in January and the buy-in took place in July 2024. Apex Pension Trustees are the sole trustee and XPS Group advised on the transaction.
Nigel Modlinsky, professional pensions trustee at Apex Pension Trustees, said: “Apex were appointed to the scheme in November 2023, and shortly afterwards the sponsoring employer went into administration. The focus turned to ensuring full benefits were secured for members in the scheme, in a short time. The swiftness of data diligence undertaken with Burges Salmon and XPS, along with Aviva’s streamlined Clarity service, were vital to a quick and seamless transaction.
“From a standing start, we have moved through data cleanse, quotation phase, buy-in to buy-out in less than a year. It shows what can be done if you surround yourself with motivated people and I extend my thanks to all involved at Aviva, XPS and Burges Salmon for a positive experience.”
Emma Thomas, bulk purchase annuity deal manager at Aviva, added: “Thanks to excellent preparation by the trustees and their advisers at XPS, this was an incredibly well run and collaborative process, which helped it move at pace. Our Aviva Clarity process enabled the deal to be processed efficiently straight through to finalisation, which made for a seamless transaction.”
Harry Harper, partner, risk settlement at XPS Group, said: “We were delighted to lead on this high-speed and efficient bulk annuity process and help deliver a great outcome for scheme members. Aviva’s Clarity service significantly reduced the timescales, and the meticulous data preparation led to a decisive and well-planned transaction.”
