The trustee of Greggs plc 1978 Retirement and Death Benefit scheme has entered into a £100 million bulk purchase annuity transaction with Aviva.
Greggs provided additional funding support that facilitated the buy-in to increase the long-term security of all member’s benefits, as part of the trustee’s long-term de-risking strategy.
The deal covers the majority of the scheme’s liabilities. The lead transaction advisor was Hymans Robertson, and legal advice was provided by Eversheds Sutherland.
David Brown, the chair of the trustee, Greggs plc 1978 Retirement and Death Benefit scheme, said: “I am delighted that we have been supported by Greggs plc and our advisers Hymans Robertson, Eversheds and Barnett Waddingham, to enable to us to reach a buy-in agreement with our chosen insurance company Aviva. The partnership with Aviva allows us to take the next step in our de-risking strategy.”
Verity Hastie, risk transfer specialist, Hymans Robertson, said: “It’s been a pleasure to advise the Greggs trustee on their de-risking strategy in recent years and to help them secure an excellent outcome with Aviva. The scheme is now in a solid financial position and we look forward to helping the trustee as they continue their journey post buy-in.”
