On the go: The £13mn Musicians’ Union Permanent Officials and Staff Pension Fund has agreed a full buyout with Aviva.
Aviva will now insure the defined benefit pension liabilities for all members and remove the investment and longevity risk of these members from the scheme.
The scheme’s chair of trustees, Keith Ames, said: “We are delighted to have been able to secure our members’ benefits with Aviva, a critical step in the fund’s journey.
“Despite our relatively small size as a pension scheme, Aviva worked well with our advisory team to achieve the transaction.”
Musicians’ Union general secretary Naomi Pohl said: “The union is pleased to have supported the fund in reaching this milestone step.
“This has also been a very important step to secure the longer-term future of the union – largely removing the risks associated with the fund and controlling our expenditure.”
This article originally appeared on MandateWire.com
