Morrisons retirement saver plan has completed a £270m bulk purchase buy-in with Aviva.
The transaction completed in March 2025, and secures the benefits of over 32,000 deferred members of the sizeable Cash Balance Plan. Additionally, Aviva underwrote a Winding-Up Lump Sum (WULS) exercise for approximately 30,000 members.
The transaction marks the third buy-in that Aviva has transacted with schemes sponsored by WM Morisson Supermarkets.
Steve Southern, a professional trustee from Vidett and chair of trustees for the plan, said: “Securing members’ benefits in full, while offering eligible members the option of a WULS, means we can provide both security and flexibility — an excellent outcome.
“We are delighted to have achieved this, which is a testament to the hard work over the past few years to meet our de-risking goals, alongside Aviva’s willingness to deliver a bespoke solution.”
Sean Rooney, BPA deal manager at Aviva, added: “We’re pleased to have supported the trustees of the Morrisons Retirement Saver Plan with their plans to secure member benefits. This transaction highlights Aviva’s extensive capabilities and our commitment to providing innovative solutions tailored to client needs.”
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