The Gleaner Pension Scheme has completed a £7.5m buy-in with Aviva, securing the benefits of all 121 members, comprising 26 deferred and 95 pensioner members, and covering all the scheme liabilities.

Legal advice was provided to the trustee by Burness Paull LLP and to Aviva by its in-house team.

Scottish Pension Trustees acted as the scheme's sole trustees, while Broadstone provided annuity broking advice, adding to its existing appointment for scheme actuary and administration services.

Following careful management by the trustee and advisers, the transaction was achieved
without the sponsor's additional contribution being needed, Broadstone said.

Scottish Pension trustee, George Emmerson, commented on the deal: "This is fantastic news for the scheme. We're especially grateful to the sponsor, Gleaner Ltd, for allowing this transaction to take place and to Broadstone for its expert guidance throughout the process.

“With the legacy arrangement behind us, the company can move forward confidently, free from its costs and risks, while the trustee and members can rest assured that benefits are securely in place with one of the insurance market leaders," he said.

BPA senior deal manager at Aviva, Andrew Shaposhnikov, added: "The swift completion of this transaction highlights how well-prepared this scheme was in advance, and we extend our thanks to the trustees and their advisers for their meticulous efforts.

"We are delighted to have provided a quotation and finalised the deal promptly, thanks to our efficient Aviva Clarity proposition."

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