Aviva announces £103 million bulk purchase annuity transaction for the Homestyle 2007 Pension Scheme

10 December 2020

Aviva today announces it has completed a £103million bulk purchase annuity transaction for the Homestyle 2007 Pension Scheme.

Aviva will insure the defined benefit pension liabilities of all 1,294 members, removing the investment and longevity risk of these members from the scheme. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

The process to select an insurer and negotiate terms was led by EY on behalf of Homestyle Pension Company Limited, the sponsoring employer of the pension scheme. BESTrustees is an independent Trustee to the Homestyle 2007 Pension Scheme. They were advised by Isio and received legal services from Squire Patton Boggs. Homestyle Pension Company Limited received legal advice from Addleshaw Goddard.

Source: Aviva