SG Pension Fund completes £160m buy-in with Aviva

Written by Sophie Smith

24/09/2025

The SG Pension Fund has completed a £160m buy-in with Aviva, securing the retirement benefits of more than 1,900 members.

The trustees received advice on the deal from Aon, which also led the process, while legal advice was provided by Gowling.

The deal, which was finalised in August 2025, is intended to ensure a positive member experience by enabling a section of scheme members to continue accessing their Additional Voluntary Contribution (AVC) funds as a first source of tax-free cash in future, using Aviva’s DB&C policy.

It is also expected to further strengthen Aviva's relationship with the trustee and the scheme sponsor, Portakabin Limited, building on the addition of the sponsor’s defined contribution (DC) scheme to the Aviva Master Trust in 2024.

Chair of trustees, 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 look forward to working with the team at Aviva.”

Adding to this, Aviva senior deal manager, Sean Rooney, said: “This transaction was a pleasure to work on and is another 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. We look forward to welcoming members to Aviva in the future.”

Joint Working Group chair and independent governance group director, Chris Martin, also stressed the importance of collaboration, stating: “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 the company.

"The collaboration between the trustee and the sponsor, Aon as lead transaction adviser, and Gowling, has been at the heart of delivering this great outcome for fund members.”

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