CommScope Connectivity, a telecoms company, has insured its defined benefit (DB) pension scheme with Aviva for £63m.

The deal covers all 570 members of the Andrew Limited Pension and Life Assurance Plan. The trustee board was advised by XPS, with legal advice from Brabners and actuarial advice from Mercer.

Andrew Firbank, a professional trustee from PAN Trustees and chair of the pension scheme, said the trustees had to work with several companies in the CommScope group to negotiate the buy-in alongside other corporate activity.

He explained: “This was only possible due to a lot of work being completed over the previous 18 months as part of an integrated ‘journey plan’ for the scheme, with input from an amazing advisory team and a group of committed trustees.

“This involved undertaking data verification and benefit confirmation work, to ensure the scheme was able to approach the bulk annuity market when the opportunity arose for additional financial support to seal the deal.”

Harry Harper, a partner in the risk settlement team at XPS Group, added that the transaction had emphasised engaging early with insurers, which had ensured a competitive process.

“As a result of this successful approach, members now have a robust long-term home for their pensions with Aviva and the sponsoring employer is no longer exposed to pension risk from the plan,” he said.