The College of Law Pensions and Assurance Scheme has completed its fourth pensioner buy-in of £28m with Aviva.

The transaction covered pensioners who had retired since 2012, when the previous buy-in took place. As a result, almost all current pensioners in the scheme are now covered by bulk annuities, reducing risk within the scheme and contributed to the trustees’ aim of eventually achieving a full scheme buy out.

The buy-in was completed in a few weeks after obtaining quotations and the pay-roll for pensioners covered by the transaction is being transferred from the scheme’s trustees to Aviva.

This was the scheme’s third buy-in with Aviva, with Hymans Robertson as the lead adviser to the trustees. Linklaters also provided legal advice.

Scheme trustee Alan Humphreys, said: “The trustees are delighted to have completed their fourth pensioner buy-in, taking another important step to materially reduce risk for the members of the scheme. Hymans Robertson [guided us to] insure the balance of our current pensioner liabilities”

Hymans Robertson partner and head of risk transfer solutions James Mullins, added: "We are delighted to have assisted the trustees complete a fourth buy-in, building on our close working relationship with them. The strategy that the Trustees have adopted of insuring their pensioners in groups over time as they retire, and when they can afford to do so, has become increasingly recognised as the optimal way of working to insure all benefits. We expect to see more pension schemes adopt this approach in future, with an increasing number of schemes now targeting buy-out as their final destination.”

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