- Aviva has announced the completion of a £600 million bulk purchase annuity buy-in with the Trustee of the Wolseley Group Retirement Benefits Plan (the Plan).
- Finalised in September 2025, the transaction provides long-term security for the benefits of nearly 10,000 members.
- The buy-in secures all remaining uninsured defined benefits in the Plan. The Trustee was advised by Aon as lead transaction adviser and CMS provided legal advice. The Company was advised by LCP and Freshfields.
Sarah Cave, Senior Deal Manager at Aviva, said: “It’s been a pleasure to work with the Trustee and its advisers to provide long-term security for members of the Plan through this significant buy-in transaction. This milestone reflects the strength of collaboration between all parties and the shared commitment to delivering robust member outcomes.”
This milestone reflects the strength of collaboration between all parties and the shared commitment to delivering robust member outcomes.
Wayne Phelan, Chair of the Plan Trustee and Chief Executive Officer at Vidett, added: “This is an important milestone for the Plan and an extremely positive development for members. As Trustee, we’re there to make sure Plan members receive the benefits they’ve earned. We have been working closely with the Company, advisers and Aviva to achieve this extra security for members, which would not have been possible now without the Company’s commitment and additional financial support.”
Hannah Brinton, Partner at Aon, said: “We were delighted to partner with the Trustees, including Vidett, and Ferguson on this complex transaction. A competitive auction process, and careful management of illiquid asset sales, ultimately led to a great outcome for all parties and importantly members of the Plan. This further underpins that there continues to be opportunities in the insurance market for well-positioned schemes.”
Julia Mattison, UK Finance Director at Ferguson, said: “Ferguson is proud to have supported the Plan Trustee in achieving this significant buy-in with Aviva. This transaction demonstrates our ongoing commitment to protecting the security of member benefits for the future. We are grateful for the collaboration between the Company, Trustee and all advisers during this complex process.”
ends
Enquiries:
Shelley Kernaghan
Retirement and Annuities
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Phone
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+44 (0) 7800 692 266
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Email
Notes to editors:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 25.2m 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.
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