Department store group Fenwick has completed bulk annuity transactions worth £113m with Aviva, the insurer announced this week.
The latest move concludes a series of transactions that began in 2012, Aviva said, with all members of the Fenwick Limited Superannuation Scheme and Fenwick Senior Executive Pension Fund now insured.
The trustees and sponsor were advised by XPS, who led the transaction processes, with legal advice provided by DLA Piper. Independent Governance Group (IGG) was the sole trustee for both schemes.
Emma Thomas, deal manager at Aviva, said: “The careful preparation by the trustees and their advisers paid dividends in enabling a smooth execution and provides a strong base for the implementation stages that follow.”
Ash Williams, partner at XPS, said: “These were complex transactions with a wide range of stakeholders, and XPS is pleased to have been able to lead the execution of these buy-ins working closely with the trustees, company, and wider advisory teams.”
Defence tech company concludes £250m buy-in
Earlier this month, Just Group announced two buy-in transactions. The larger of the two was a £250m deal to insure the Ultra Electronics Pension Scheme, sponsored by defence technology company Ultra Electronics.
The deal was completed in June 2025 and secures the benefits of more than 1,000 pensioners and dependants, as well as over 750 deferred members. It concluded a three-year derisking strategy that had included £75m in contributions from the employer and a pension increase exchange exercise.
LCP was the lead risk transfer adviser, while Eversheds Sutherland provided legal advice. Just Group received legal advice from CMS.
Ricky Patel, partner at LCP, added: “Strong preparation was key to this transaction. Developing end-to-end solutions on all specifics in advance, combined with the right positioning of the scheme’s complexities and clear asks of the insurers, provided market confidence – this secured very high insurer engagement and ultimately attractive pricing and terms.
“We’re pleased that the transaction achieved the trustees’ objectives in all key areas, including completeness of risk transfer, dovetailing the sale of illiquid assets and achieving a ‘perfect’ asset lock to lock-in the economics, which avoided asset trading and costs prior to execution.”
Welcome Break scheme motors to £23m buy-in
Just Group’s other recent transaction was a £23m buy-in with the Welcome Break Pension Plan, sponsored by the Welcome Break motorway service station chain.
This buy-in was also completed in June, and insures the benefits of 137 deferred members and 211 pensioners.
Mercer led the transaction, with Squire Patton Boggs providing legal advice. Just Group used its in-house legal team, while Welcome Break was advised by PwC and CMS.
Tim Lightfoot, finance director at Welcome Break, said: “It is incredibly positive to be able to secure member benefits with Just Group. This collaboration is not only beneficial for our members but also aligns perfectly with Welcome Break’s business strategy moving forward.”
Joanne Arnold, principal at Mercer, added that the deal involved “a number of benefit complexities”. “This project involved all parties working closely together throughout to deliver a great outcome for members with attractive pricing and terms,” Arnold said.
