Our business

Aviva completes second buy-in transaction with Cruden Investment Limited Retirement Benefits Scheme

Aviva logo on glass door

Aviva Life & Pensions UK Ltd announces the completion of a £3m buy-in transaction with the Cruden Investment Limited Retirement Benefits Scheme (the Scheme).  Cruden Investment Limited is part of Cruden Holdings, one of Scotland’s largest development and construction groups.

The transaction announced today follows a previous £7m pensioner-only transaction completed in 2018.  In completing this latest buy-in, the Trustees have now successfully transferred all remaining Defined Benefit liabilities to Aviva.

The process was run on behalf of the Trustees by PwC as lead transaction advisor while Burness Paull LLP and Barnett Waddingham provided legal and actuarial support respectively. 

Kevin Reid, Trustee and Chief Executive of Cruden Investment Limited, said: “This is a fantastic result for both the Trustee and the Company. To be able to secure benefits for all members by building on our strong pensions relationship with Aviva is a great outcome. Working with PwC as an independent transaction focused advisor, who led the market approach while collaborating with the actuarial and other incumbent advisors to the Scheme, meant we were well placed and informed to exploit rapidly changing market conditions in early 2022. This meant that no further contribution was required by the Company, who has now fully insured all of its defined benefit pensions risk with Aviva.”

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: “We’re delighted to have helped the Trustees complete their long-term de-risking strategy for the scheme.   As a whole of market provider Aviva works with schemes of all sizes coming to market.  In this case, our ongoing relationship with the scheme and the up-front preparation made for a smooth and efficient transaction.”

Ross Breckon, Pension Risk Transfer Project Lead at PwC, added: “We are pleased to have  supported the Trustees in securing this deal for their members. It is a great example that shows smaller schemes can achieve their objectives in the pensions insurance market by leveraging the know-how of an independent deals focused advisor. Based on our understanding of the market and the Scheme specific factors in play, we took a different approach to the market which meant we could secure the deal and the desired terms for the Trustees in an increasingly busy market. ”

-ENDS-

Media Enquiries

Daniel Skipp

Media Relations Manager | Savings & Retirement

Notes to editors:

  • We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in Singapore, China and India.
  • We help our 18.5 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2021, we paid £30.2 billion in claims and benefits to our customers. 
  • Aviva is a market leader in sustainability. In 2021, we announced our plan to become a Net Zero carbon emissions company by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030.  Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition at www.aviva.com/sustainability.
  • Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
  • As at 30 June 2022, total Group assets under management at Aviva Group are £353 billion and our Solvency II shareholder capital surplus is £10.3 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
  • The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images,  podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email. 
  • You can follow us on:
  • For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva

      More from our Newsroom