Commercial property investment firm Telereal Trillium, now known as TT Group, has completed a £130 million bulk purchase annuity full scheme buy-in for its pension plan.
The plan is sponsored by Telereal Services. The transaction, which was carried out by Aviva, will see that the defined benefit liabilities for around 500 members of the pension scheme are insured, removing the investment and longevity risk. The members will not see any changes in their benefit entitlement as a result of the transaction.
Carl Clissold, chair of trustees of the Telereal pension plan, said: “The trustees are delighted to have reached this significant milestone for the members and would like to thank all parties, including the plan’s sponsor Telereal Services, who have all collaborated in closing this transaction within a short timescale. Our work will continue as we prepare the schemes for buy-out with a smooth transition and the delivery of member benefits.”
Sean Rooney, bulk purchase annuity senior deal manager at Aviva, added: “We’re delighted the trustee selected Aviva to secure member benefits, and we’ll continue to work closely with them to ensure a smooth transition. The process was well managed and completed quickly, thanks to all parties collaborating to reach a successful outcome.”
Telereal also offers its employees extended paid maternity and paternity leave, private medical insurance, long-term disability insurance, life assurance, an employee assistance programme, a bikes-for-work scheme, an electric vehicle lease scheme and a performance–related bonus scheme based on both individual and employer performance.
