Aviva Completes £270m Buy-in with Morrisons Retirement Saver Plan
Deal News | May 28, 2025 | Aviva PLC
Aviva PLC has successfully completed a £270 million bulk purchase annuity buy-in with the Morrisons Retirement Saver Plan (RSP Section), marking its third transaction with schemes sponsored by Wm Morrison Supermarkets Limited. This deal secures benefits for over 32,000 deferred members of the cash balance plan and introduces flexibility via a Winding-Up Lump Sum (WULS) for approximately 30,000 members. Aon led the transaction on behalf of the trustees, while Clifford Chance and DLA Piper provided legal counsel. The transaction underscores Aviva's effectiveness in handling complex transactions and its commitment to innovative client solutions. The collaborative approach among Aviva, Aon, and the trustees, including Steve Southern, a professional trustee at Vidett, led to a successful outcome that ensures both security and flexibility for the pension scheme members.
Sectors
- Financial Services
- Retail
- Legal Advisory
Geography
- United Kingdom – All major participants, including Aviva PLC, Wm Morrison Supermarkets Limited, and the involved legal and financial advisory firms, are based in the UK.
Industry
- Financial Services – Aviva PLC, a financial services company, is involved in providing insurance and asset management services, evident in their recent pension scheme transaction.
- Retail – Wm Morrison Supermarkets Limited, a major UK grocery retailer, is closely associated with the pension schemes involved in this transaction.
- Legal Advisory – Legal firms Clifford Chance and DLA Piper were integral in advising on the transaction, highlighting the sector's involvement.
Financials
- £270 million – The size of the bulk purchase annuity buy-in transaction completed between Aviva and the Morrisons Retirement Saver Plan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aviva PLC | Buyer | Company | A major UK-based insurance company specializing in life insurance, general insurance, and pensions. |
| Morrisons Retirement Saver Plan | Target | Other | The pension scheme associated with Wm Morrison Supermarkets Limited involved in the buy-in transaction. |
| Wm Morrison Supermarkets Limited | Vendor | Company | One of the UK's largest grocery retailers sponsoring the Morrisons Retirement Saver Plan. |
| Aon | Corporate Finance | Company | Leading global professional services firm that led the transaction on behalf of the trustees. |
| Clifford Chance | Legal Advisor | Company | International law firm providing legal advice to the trustees. |
| DLA Piper | Legal Advisor | Company | International law firm advising Aviva on the transaction. |
| Vidett | Trustee Advisory | Company | A professional trustee firm whose representative, Steve Southern, chairs the trustees of the Plan. |
| Sean Rooney | BPA Deal Manager | Person | Deal Manager at Aviva, responsible for overseeing the transaction. |
| Steve Southern | Chair of Trustees; Trustee | Person | Professional trustee from Vidett and chair of the Morrisons Retirement Saver Plan's trustees. |
| John Baines | Senior Partner at Aon | Person | Senior Partner at Aon, involved in leading the transaction. |