Aviva, a leading insurance and financial services company, has completed a £160 million bulk purchase annuity (BPA) buy-in with the SG Pension Fund, securing the benefits of over 1,900 members. The scheme sponsor is Portakabin Limited, a provider of modular building infrastructure. The transaction was facilitated by Aon, who led the process, with legal advice provided by Gowling.
The deal marks a significant milestone in Aviva’s relationship with the SG Pension Fund and Portakabin, following the successful addition of Portakabin’s defined contribution (DC) scheme to the Aviva Master Trust in 2024. The transaction ensures a positive member experience by allowing some scheme members to continue accessing their Additional Voluntary Contribution (AVC) funds as a primary source of tax-free cash.
The deal was praised by all parties involved, with Sean Rooney, Senior BPA Deal Manager at Aviva, stating that it demonstrates the company’s continued focus on delivering tailored solutions that meet the evolving needs of its clients. Tony Sharp, Chair of Trustees, expressed his pleasure at working closely with the sponsor and advisers to achieve a great outcome for fund members.
The transaction was also commended for its collaborative approach, with Chris Martin, Chair of the Joint Working Group, highlighting the importance of teamwork between the Trustee, sponsor, and advisers in delivering a great outcome for fund members. Matt Cook, Associate Partner at Aon, added that the deal is a great example of how having nimble governance in place, along with a clear focus on objectives, can drive the best outcome from the insurance market.
Overall, the transaction strengthens Aviva’s position in the market and demonstrates its commitment to providing secure and tailored solutions for its clients. The deal also highlights the importance of collaboration and effective governance in achieving positive outcomes for pension fund members. With the completion of this transaction, Aviva looks forward to welcoming the scheme members to its platform and continuing to work with the Trustee and sponsor to support the fund over the coming years.