UK retail pension schemes complete dual £130m full-scheme buy-ins with Aviva

Written by Callum Conway

22/10/2025

Two pension schemes sponsored by the UK subsidiary of a US-based retail group have completed two full-scheme buy-in transactions worth around £130m with Aviva, securing the benefits of approximately 600 deferred members and 1,200 pensioners and dependants.

The Independent Governance Group (IGG) acted as an independent professional trustee, with Aon serving as actuary and administrator, Squire Patton Boggs as legal adviser, and Schroders Solutions as fiduciary manager.

The deals were led by K3 Advisory, part of Isio, and completed within six months of K3’s appointment as risk transfer adviser in February 2025.

Despite intense competition in the bulk annuity market, eight insurers were invited to participate in the process.

While pricing was a key factor, the trustee also placed considerable emphasis on the quality of administration and the overall member experience offered by each provider before selecting Aviva as its preferred partner.

Following completion, K3 said it continued to support the trustee as the schemes move towards a potential buyout and has also been appointed to advise on a further transaction for another scheme sponsored by the same employer.

Aviva bulk purchase annuity deal manager, Paul Donnelly, said the insurer was “pleased to deliver a strong outcome for members”, adding that the transactions showed how insurers remained ready to engage competitively even in a busy marketplace.

He noted that collaboration between all parties helped ensure “a smooth process and attractive terms that schemes can rely on”.

K3 Advisory senior actuarial consultant, Thomas Crawshaw, added that completing two full-scheme buy-ins in parallel within such a short timeframe demonstrated what could be achieved through thorough preparation and proactive market engagement.

He emphasised that price was not the only consideration.

“Post-transaction support and the quality of member experience were central to the outcome.”

Reflecting on the process, IGG trustee director, Karein Davie, described the transactions as “a very positive outcome for members”.

She stressed that the trustee’s ability to move quickly was a key factor in securing the opportunity.

“Because the schemes were well prepared and the advisers worked collaboratively, we were able to act at pace.

"We focused on finding an insurer with the right cultural fit and a clear commitment to service excellence,” she added.

The two buy-ins mark another significant transaction for Aviva, following its £260m buy-in with the SG Pension Fund last month.

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