The National Grid Electricity Group part of the Electricity Supply Pension Scheme has completed a £1.7bn buy-in with Aviva.

The transaction secured the benefits for 5,800 members of the group, all of whom are pensioners, transitioning the group’s existing longevity swap with Zurich Assurance Ltd to Aviva.

Aon acted as the sole transaction adviser, covering actuarial, investment and broking aspects.

DLA Piper UK LLP provided legal advice to the group trustee, and Mayer Brown International LLP advised the scheme trustee.

Senior deal manager at Aviva, Sean Rooney, said: "Our team worked closely with the trustees and their advisers to support them with this important step to provide long-term security for their pensioner members.

"The transaction included the transition of the group’s longevity swap, and throughout the process all parties have been flexible and focused on delivering a successful outcome.

"We’re especially proud that we can secure benefits for yet another signatory scheme of AFS’s Sustainability Principles Charter, reinforcing our commitment to this important initiative.”

Adding to this, trustee board chair at National Grid Electricity Group, Stephen Yandle, said: "The group trustee is pleased to have been able to take the next important step on our de-risking journey.

"The transaction is great news for members in the group, adding further protection to their benefits, and on terms that are fully aligned with our strategic objectives.

"It was a pleasure working in partnership with Aon and DLA Piper as part of this transaction, and we look forward to working closely with Aviva in the future."

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