Telecommunications provider CommScope Connectivity UK has completed a £63 million bulk annuity transaction for its Andrew Pension and Life Assurance Plan.
The transaction was completed with Aviva and advised by consulting and administration firm XPS Group, which worked with the trustees to secure a bulk annuity policy for the pensions and benefits of 570 members.
XPS Group was appointed following a competitive process in mid-2024. It led the transaction while also safeguarding the employer’s financial position.
The trustees received legal advice from Brabners and scheme actuarial advice was provided by Mercer.
Andrew Firbank of Pan Trustees, chair of trustees, said: “The trustees have worked together with a number of organisations within the CommScope group to bring about a successful deal, that ran alongside important corporate activity for the group. However, this was only possible due to a lot of work being completed over the previous 18 months as part of an integrated journey plan for the scheme, with input from an advisory team and a group of committed trustees. This involved undertaking data verification and benefit confirmation work, to ensure the scheme was able to approach the bulk annuity market when the opportunity arose for additional financial support to seal the deal.”
Harry Harper, partner, risk settlement at XPS Group, added: “This transaction was structured at the very start to place a lot of importance on facilitating early direct discussions between the trustees and potential insurers. By taking this approach and using our existing strong insurer relationships, it was possible to generate significant competitive tension with a wider range of insurers. As a result of this successful approach, members now have a robust long-term home for their pensions with Aviva and the sponsoring employer is no longer exposed to pension risk from the plan.”
