LCP advises on £600m buy-in between Wolseley Group Retirement Benefits Plan and Aviva
Pensions & benefits DB pensions Risk
LCP has advised on a £600 million bulk purchase annuity buy-in between with the Trustee of the Wolseley Group Retirement Benefits Plan (the Plan) and Aviva.
Finalised in September 2025, the transaction provides long-term security for the benefits of nearly 10,000 members.
The buy-in secures all remaining uninsured defined benefits in the Plan. The Trustee was advised by Aon as lead transaction adviser and CMS provided legal advice. The Company was advised by LCP and Freshfields.
Charlie Finch, Partner in LCP's Pension Risk Transfer team, commented: “I am delighted to have led the transaction advice for Ferguson on this highly collaborative project which achieved such a positive outcome. The pension risk transfer market is highly competitive and in our latest report we predict that there will be £350bn to £550bn of buy-ins over the next decade.”
Sarah Cave, Senior Deal Manager at Aviva, said: “It’s been a pleasure to work with the Trustee and its advisers to provide long-term security for members of the Plan through this significant buy-in transaction. This milestone reflects the strength of collaboration between all parties and the shared commitment to delivering robust member outcomes.”
Wayne Phelan, Chair of the Plan Trustee and Chief Executive Officer at Vidett, added: “This is an important milestone for the Plan and an extremely positive development for members. As Trustee, we’re there to make sure Plan members receive the benefits they’ve earned. We have been working closely with the Company, advisers and Aviva to achieve this extra security for members, which would not have been possible now without the Company’s commitment and additional financial support.”
Julia Mattison, UK Finance Director at Ferguson, said: “Ferguson is proud to have supported the Plan Trustee in achieving this significant buy-in with Aviva. This transaction demonstrates our ongoing commitment to protecting the security of member benefits for the future. We are grateful for the collaboration between the Company, Trustee and all advisers during this complex process.”
