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The SG Pension Fund, sponsored by Portakabin, has concluded a £160m buy-in covering more than 1,900 members.
The scheme picked Aviva for the transaction. The deal that was finalised in August follows the transfer of the defined contribution scheme to the Aviva Master Trust last year.
Under the buy-in policy, a section of scheme members can continue accessing their additional voluntary contribution funds as a first source of tax-free cash in future via the insurer’s ‘DB&C’ policy, integrated into the master trust proposition.
Trustee chair Tony Sharp said: “We were pleased to work closely with the sponsor and our advisers, through the joint working group, to achieve this great outcome for our fund members. The trustee will continue to support the fund over the coming years and looks forward to working with the team at Aviva.”
The joint working group was chaired by Chris Martin from Independent Governance Group, who added: “We are very pleased to have taken this further step in improving the security of members’ benefits, which has always been a key objective for both the trustees and company.”
Sean Rooney, senior deal manager at Aviva, called the deal an example of a longstanding collaboration with Portakabin UK to secure members’ pension benefits.
“The transaction demonstrates our continued focus on delivering tailored solutions that meet the evolving needs of our clients,” he said.
Aon led the process, advising the trustees, with legal advice provided by Gowling WLG.
