Aviva today announced the successful completion of a £187million bulk annuity buy-out deal which will see it insure the defined benefit pension liabilities of the Sea Containers 1983 Pension Scheme. The deal will enable the Trustees to secure benefits in excess of Pension Protection Fund (PPF) compensation levels for the Scheme’s circa 750 members.
Stephen Purves, Deal Management Lead at Aviva, said: “We’re delighted that the Trustees have chosen Aviva to insure the benefits for the members of the Scheme and we believe that this deal further demonstrates our capabilities and ambitions in the bulk annuity market.
“We’re continuing to see very strong demand for bulk annuity deals as more and more trustees and sponsoring employers look to de-risk their defined benefit pension schemes.”
Link ATL Pension Trustees Limited (formerly Capita ATL Pension Trustees Limited) and part of Link Asset Services is the professional trustee on the board, supporting the Scheme’s long-standing Trustees. The Trustees were advised throughout the process by Mercer and Gowling WLG.
Jane Fryer, (Link ATL Pension Trustees Limited) Chair of Trustees said: “We are delighted to have been able to secure benefits for members above PPF compensation levels and to be in a position to wind up the Scheme, some years since the Scheme (together with the Sea Containers 1990 Pension Scheme) received the first Financial Support Direction from the Pensions Regulator. We feel the Scheme has gained from recent competitive rates in the market.”
Neil Rogers, bulk annuity specialist and lead adviser to the Trustees, added: “Mercer was pleased to help the Trustees achieve their important objectives of maximising value to members and obtaining highly flexible implementation terms. The buy-out will provide members with the long-term security they deserve.”
Ends
Media Enquiries:
Aviva Press Office | Katy Hurren | 07800 692548 | katy.hurren@aviva.com | @Katy_Hurren
About Aviva
• Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
• In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
• Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £350 billion in assets. Total group assets under management at Aviva group are £475 billion.
• Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
• By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
• The Aviva newsroom at www.aviva.com/newsroom includes links to our image library, research reports and our news release archive.
• For an introduction to what we do and how we do it, please click here www.aviva.com/about-us
• Follow us on twitter: www.twitter.com/avivaplc/
• Follow us on LinkedIn: www.linkedin.com/company/aviva-plc
• For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva
• We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.
About Sea Containers
• Following his early years career in the US Navy followed by employment with US Lines and CTI, a US based marine container lessor, James B Sherwood founded Sea Containers Inc in 1965. Listed in New York registered in Bermuda but with operations headquarters in London Sea Containers became one of the first international marine container lessors outside the US.
• Thereafter Sea Containers successfully grew its container assets adding many container variants as well as container manufacturing, container ships and quay side cranes.
• Over successive years from 1976 accompanied by company restructuring Sea Containers gradually expanded from its primary focus on its marine container asset leasing business into a group encompassing passenger transportation and provision of high-end leisure facilities. Its principle subsidiaries were GE SeaCo SRL, Orient Express Hotels Inc and Sea Containers Ferries Ltd.
• In October 2006 Sea Containers Ltd and two of its subsidiaries including Sea Containers Services Ltd, the supporting employer to the Sea Containers 1983 Pension Scheme, filed for bankruptcy protection in the USA since it was unable to meet the deadline on a bond repayment.
Our customers
Tech Nation: number of internet-connected devices grows to 10 per home
15 Jan 2020
Our business
Aviva appoints George Culmer as Senior Independent Director
20 Dec 2019
Our business
Changes to the Aviva plc Board
3 Dec 2019
Our customers
One in 10 UK residents know none of their neighbours
29 Nov 2019
Create Legacy
Aviva signs up to UN Net Zero Asset Owners Alliance Commitment
27 Nov 2019
Our customers
Aviva adds stewardship funds to adviser platform
26 Nov 2019
Environment
Aviva launches specialised insurance for renewable energy
25 Nov 2019
Our business
Cancellation of Listing
25 Nov 2019
Strategy
Aviva plc Capital Markets Day 2019*
20 Nov 2019
Our business
Aviva plc statement on Asia strategic review
18 Nov 2019
Our customers
Aviva announces new flexible repayment options to Equity Release
11 Nov 2019
Comment
‘Sandwich Generation’ health concerns in the UK
8 Nov 2019
Cold callers flouting the law
6 Nov 2019
Our business
Aviva plc appoints Chief Risk Officer
6 Nov 2019
Our customers
Driving in wellies and using winter tyres – could they invalidate your insurance?
30 Oct 2019
Our business
Aviva appoints Danielle Harmer as Chief People Officer
29 Oct 2019