Fujitsu pension scheme secures buy-in with Aviva

The trustee of the Fujitsu General (UK) Co. Limited Pension and Life Assurance Plan has agreed a full buy-in transaction with Aviva.

The deal has secured defined benefit liabilities of £7.7m for all deferred scheme members and their dependants.

It was completed within the context of a new covenant and security package put in place by the scheme’s sponsoring employer.

Capital Cranfield professional trustee and sole trustee of the scheme, Peter Thompson, commented: “We were delighted to be able to achieve this result for the beneficiaries of the Plan. It is vital that it remains possible to carry out small transactions such as this as well as the large ones which gain most publicity.

“We are grateful that our advisers and Aviva have been able to support this transaction so effectively.”

CMS provided legal advice to the trustee, while actuarial and investment advice was provided by Isio.

Isio’s team was led by James Staveley-Wadham, Nathan Butterworth and Priya Jassal, while the CMS team was led by Caroline Kurup and Simon Evans, with support from Megan Davies, Harriet Dammone, Timea Scholey, Ben Bodmer, Paula Hrycokowiak Axel Dippmann and Dieu Hong Mai.

Staveley-Wadham said: “We were pleased to support the trustee in the completion of this transaction and secure the best outcome for members.

“Our innovative approach to securing benefits with insurers is proving successful for both the smaller pension schemes and the larger deals we undertake for our clients.”

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