The AWH Group Pension Scheme has completed a £2.3m buyout with Aviva.

The pension scheme’s members are employees of family textiles business AW Hainsworth.

AWH Group Pension Scheme scheme’s trustees were advised on the bulk annuity deal by K3 Advisory and H&C Consulting throughout the process.

AW Hainsworth Group managing director, Adam Hainsworth, said he was “pleased that H&C and K3 have managed to secure this deal with Aviva”, which had completed the journey to securing benefits for all the scheme’s members.

Aviva DB Solutions deal management lead, Jamie Cole, commented: “We’re pleased to have helped a company with such rich heritage secure the long-term benefits for scheme members.

“We’ve worked closely with the advisers to deliver this transaction. Their focus on running an efficient process has helped secure this buyout, demonstrating the market is open for well-prepared small schemes.”

K3 Advisory managing director, Adam Davis, noted that the buyout market for small schemes was “growing exponentially”, adding that it was particularly pleasing to help an “an iconic, family owned business which is 235 years old to secure benefits for their members”.

AW Hainsworth has operated since 1783 and made British military uniforms worn during the Charge of the Light Brigade.

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