The trustees of the FirstGroup Pension Scheme have signed a £90m full buy-in for 500 members in the Group section of the scheme.  

The deal with Aviva was completed within just three months from the initial planning.  

"Throughout the process, our priority was to achieve a strong overall outcome, combining value for money and security for our members' benefits. The close collaboration between the trustee, sponsor and adviser teams was essential in achieving this outcome within an accelerated timeframe,” said trustee co-chairs Lukshmi Selvarajah from Capital Cranfield and Martin Carroll. 

FirstGroup’s chief financial officer, Ryan Mangold, said: "Since 2020, we have settled about £1.7bn of pension obligations, securing the pensions of former employees, substantially reducing pension risk and realising value for the group. Our remaining pension schemes are well funded, and our focus remains on managing them efficiently while maintaining a strong balance sheet to support our capital allocation priorities." 

The trustees were advised by LCP and lawyers Stephenson Harwood. 

LCP partner Rachel Hirst said: “Despite the pace of the process, we were able to create strong competitive tension and maintain a clear focus on the features that mattered most to the trustee and members." 

Kerry Foster, BPA deal manager at Aviva, added: "This transaction demonstrates what can be achieved through focused collaboration and a clear objective. Speed was an important priority throughout, and by working closely with the trustee, LCP and scheme sponsor, we were able to complete the transaction efficiently while delivering a solution that secures members' benefits over the long term.”