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LCP advises on £95m bulk annuity deal between Aviva and the British Bankers’ Association Pension Scheme

Pensions & benefits Pension risk transfer

LCP has advised on a £95million bulk purchase annuity transaction between Aviva and LawDeb Pension Trustees, Sole Corporate Trustee of the British Bankers’ Association Pension Scheme (BBA).

Aviva will insure the defined benefit pension liabilities of all 213 members, removing the investment and longevity risk of these members from the Scheme. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

The process to select an insurer and negotiate terms was led by LCP on behalf of LawDeb Pension Trustees as Sole Corporate Trustee, with Gowling providing legal advice on the transaction. The Scheme was also advised by Barnett Waddingham and Womble Bond Dickinson.

Sam Jenkins, Partner at LCP, said: “The British Bankers’ Association and Scheme navigated unprecedented market volatility to reach a successful transaction that provides long-term certainty for their members. Aviva worked closely with us and the Scheme to make the transaction a success. LCP’s streamlined process gave BBA and the Scheme certainty on costs and timings for the full buy-in and better access to the insurance market.”

Sean Burnard, Director of Law Debenture and the Sole Corporate Trustee of the BBA Scheme said: “The LCP streamlined service gave me confidence that we are using a robust, tried and tested process to obtain a high quality insurance policy that will protect the pension payments to our members. We are really pleased with the result especially in such challenging market conditions.”

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: "We’ve worked closely with LCP to deliver this transaction using their streamlined process. This once again demonstrates that smaller schemes can access attractive pricing when they are well prepared and supported by an efficient process, even against the backdrop of recent market volatility."

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