John Laing agrees £320m deal with Aviva, Artemis finalises full buy-in

John Laing Pension Fund completes £320m buy-in

The John Laing Pension Fund has completed a £320m bulk annuity transaction with Aviva Group, which follows a £211m buy-in completed in December 2008 that was also with Aviva. The insurer will take in the defined benefit pension liabilities for 1,850 current pensioners, becoming responsible for the investment and longevity risk of these members from the fund. Mike Clare, chair of trustees, said: “The trustees have been focused on achieving the right long-term derisking for the fund. The fund has had a strong relationship with Aviva since its 2008 buy-in, and now was the right time to undertake a further buy-in.” He continued: “The buy-in is good news for member security and is a result of positive and successful collaboration between all those involved.” The process to select an insurer and negotiate terms was led by Willis Towers Watson. The trustee received legal advice from Linklaters, while Aviva received guidance from Eversheds Sutherland.

This article originally appeared on MandateWire.com

Artemis secures full buy-in with Just Group

The Artemis (Closed) Pension Plan has agreed a £19m full buy-in with Just Group. The deal was completed in August and was advised by LCP. According to a statement, a key factor for the deal’s success was the scheme’s governance – since the plan had a sole trustee who worked closely with the sponsor throughout the transaction – and the scheme’s data and benefit documentation, which were “transaction ready”. Mark Fletcher, trustee of the plan and client director at Punter Southall Governance Services, noted that this is “a significant derisking step for the plan and its members”. He said: “Through the preparation of the plan and the use of the streamlined service we were able to react quickly to favourable market conditions and achieve attractive pricing.”

This article originally appeared on MandateWire.com