An unnamed UK pension scheme has completed a £24m full-scheme buy-in with Aviva, securing the benefits of 240 scheme members.

Trustees of the scheme included Vidett Limited, while Pinsent Masons provided legal advice to the trustees and Gallagher acted as scheme actuary, risk transfer broker, and administrator.

Gallagher was appointed as risk transfer broker in 2024, and worked with the trustees, employer, and other advisers to prepare the scheme for buy-in.

In July 2025, the trustees agreed to approach the market in February 2026 once preparations were complete, with Aviva chosen as the preferred insurer, aiming to execute the buy-in before the second half of 2026.

As part of the due diligence process, the trustees met with Aviva’s transition and customer teams to ensure a clear understanding of the trustees’ priorities, and allow Aviva to demonstrate its transition processes and commitment to meeting member needs.

Vidett Limited associate director, Alison Pearson, and client director, Chris Halewood, commented: “We are delighted to have concluded this transaction so smoothly thanks to the diligent price monitoring and collaborative approach between the trustees, advisers and employer.

“This marks a significant milestone in the scheme’s journey and we are pleased that our members’ retirement benefits have been secured for the long-term. Gallagher’s clear and direct advice, coupled with Aviva’s focus on positive member experience made the decision quick and easy.”

Aviva deal manager, Arpan Shah, said the transaction highlighted the value of early preparation, strong collaboration and a clear focus on member outcomes.

“Working closely with the trustees and their advisers, we were able to provide a solution that incorporated GMP equalisation considerations from the outset, including the provision of GMP-equalised individual member calculations from inception,” Shah continued.

“Combined with a smooth and efficient transaction process and early engagement between the trustees and our implementation and administration teams, this helped deliver long-term security for members and a positive outcome for the scheme.”

Gallagher senior risk transfer actuary, Trena Vas-Riddell, added: “We are pleased to have supported the trustees in selecting Aviva as their partner for this transaction, delivering a strong outcome for both the scheme and its members.

“By closely monitoring insurer capacity and market dynamics, we identified that a competitive process would achieve the optimal result.

“We then worked collaboratively with the trustees and co-advisers to ensure the scheme was well positioned to move quickly once a buy-in became affordable.”

---