Norwich department store owner Jarrold and Sons Ltd has completed a £19m buy-in with Aviva.

The family business was advised by Western Pension Solutions (WPS) and the buy-in has helped to reduce Jarrold’s pension risks and secured the pension payments for more than 500 members.

Jarrold & Sons financial director Christopher Doggett said he was “pleased” with the outcome. “This was our first insurance transaction and marks another important step towards our ultimate goal of fully securing the futures of our scheme members and providing longer-term stability for shareholders.”

In addition, Aviva BPA deal manager Toby Holmes said: “We’re especially pleased to have been selected as the provider for this scheme, given the proud association both our companies have with Norwich.

“Working to clearly defined and comprehensive requirements, set by WPS, made it easy for us to work towards the ideal solution for the scheme and members alike. Having worked very closely with both Trustees and advisers throughout the process, we hope to build on this strong working relationship in the future.”

WPS managing director Ben Fowler added: “We were set a challenging target by the company, so I’m really happy to have showcased how great results can be delivered with careful preparation, specialist expertise and targeted engagement with the insurance market.

“Smaller schemes can often find it difficult to find solutions for their need to manage risk, due to lacking the scale of finance and resource that larger schemes can utilise. With our unique insight into the family business field we have shown how positive outcomes can be achieved, both in terms of attractive pricing and a smooth transaction process.”

The scheme’s trustees were advised by Barnett Waddingham LLP, Berkeley Burke & Co Limited and Mills & Reeve LLP.

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