The Blake Lapthorn Pension Fund has agreed a £5.7m full scheme buy-in with Aviva, securing the benefits of all 52 members, including 30 deferred members and 22 pensioner members. 

The deal made use of Aviva's Clarity service, a streamlined de-risking process, which ensured that all data cleansing work was completed ahead of the transaction, while guaranteed minimum pension (GMP) equalisation data was provided at the pricing stage. 

This, alongside Broadstone’s SM&RT Insure process, helped to enable swift execution in a busy market, with individual policies were issued within six months of transaction. 

Careful management by the trustees and advisers, also meant that the stakeholders were able to complete the transaction without the need for an additional contribution from the sponsor. 

Broadstone provided annuity broking advice, while legal advice was provided to the
trustees by Blake Morgan LLP and to Aviva by their in-house team. 

Trustee chair, Max Craft, said the trustees were very pleased to have secured the deal, highlighting the streamlined process and the speed at which the transaction could be completed as key benefits of the Aviva Clarity service.

"Having worked with Broadstone for a number of years, we knew that we had high quality data and, having completed GMP equalisation and supported by our in-house pensions expertise, we were in an excellent position to approach insurers with a view to completing data cleanse rapidly," he stated. 

"The fast track feature and our historical relationship made Aviva a natural choice and we are impressed with how Aviva and Broadstone worked together on this transaction which benefits members and Blake Morgan with a swift transition to buyout.”

Adding to this, Broadstone deal lead, George Whitaker, said: “We knew Aviva was keen to trial the fast track feature with a trusted adviser.

"The fund already had a link to Aviva through historic annuity policies, and the trustees were pleased to continue this relationship. I am delighted to have led the trustees through this landmark transaction and achieved a great outcome, demonstrating continued insurer capacity for even the smallest schemes.” 

This was echoed by Aviva BPA senior deal manager, Andrew Shaposhnikov, who highlighted the deal as a demonstration of how innovation can deliver certainty for members and sponsors, even for smaller schemes, in a busy market.

"It’s a great example of collaboration between Aviva, Broadstone and the trustees to achieve a smooth and timely outcome,” he stated.

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