The transaction completed in June and covers the benefits of 31 members, following the introduction of a new covenant and security package with the sponsor.
Capital Cranfield professional trustee Peter Thompson, acting as sole trustee of the scheme, said: “We were delighted to be able to achieve this result for the beneficiaries of the plan.
“It is vital that it remains possible to carry out small transactions such as this as well as the large ones which gain most publicity. We are grateful that our advisers and Aviva have been able to support this transaction so effectively.”
The deal forms part of £1.6bn of bulk annuity transactions completed by Aviva in the first half of the year, alongside deals including a £64m buy-in with the Givaudan UK Pension Plan in February.
Aviva head of bulk purchase annuity origination Jamie Cole commented: “Aviva is a whole-of-market provider and we’re delighted to have helped the trustees in this deal. It was a well-run, efficient process and this shows that schemes of all sizes can secure attractive pricing when coming to market.”
Legal advice was provided to the scheme by CMS, while actuarial and investment advice was given by Isio.
Isio pensions insurance professional James Staveley-Wadham said: “We were pleased to support the trustee in the completion of this transaction and secure the best outcome for members. Our innovative approach to securing benefits with insurers is proving successful for both the smaller pension schemes and the larger deals we undertake for our clients.”
Around £10.1bn of bulk annuity transactions have so far been confirmed for 2021 in what is already shaping up to be a bottom-heavy year.
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