DAC Retirement Benefits Scheme secures £11m buy-in with Aviva

Written by Paige Perrin

24/07/2025

DAC Retirement Benefits Scheme has secured a £11m full scheme buy-in with Aviva, securing the benefits of all 15 deferred members and 25 pensioner members.

The transaction included a top-up contribution from the sponsor, international law business DAC Beachcroft LLP, and completed the buy-in of all scheme liabilities.

Broadstone provided annuity broking advice, adding to their existing appointment for scheme actuary, administration and investment consultancy services.

Meanwhile, legal advice was provided to the trustees by Pinsent Masons.

Following initial guidance from Broadstone on the risk transfer market, the scheme trustees and sponsor were keen to promptly prepare the benefit specification, membership data, and investment strategy to engage with insurers.

Echoing this, chair of trustees, David Hertzell, said the trustees were “keen” to secure the liabilities with an insurer and, after considering the options available, were “keen to work exclusively with Aviva through the process”.

Hertzell noted that the trustees were “grateful” for the sponsor’s support in the process, ensuring the transaction could proceed smoothly and at an acceptable cost.

“Broadstone’s support and advice was greatly appreciated, and the speed with which we navigated through to signing was a testament to Broadstone and all our advisers,” he added.

Aviva deal manager, Andrew Shaposhnikov, added: “It’s great to be chosen as an exclusive partner, especially when receiving such a well-prepared scheme.

“We look forward to supporting the trustees through the next stages of the scheme’s journey.”

Broadstone deal lead, Mark Channon, said he is “really pleased” to have completed this transaction less than six months after being instructed by the trustees and sponsor.

He emphasised that the speed at which the scheme was prepared showed the value of the collaborative approach between the administrators and advisers at Broadstone, Pinsent Masons and the engagement of the trustees and sponsor.

He also praised Aviva’s Clarity service, which he said “worked seamlessly” in delivering a quote just two weeks after submitting the details while still allowing enough flexibility to accommodate some non-standard aspects.

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