K3 Advisory, part of Isio, has successfully led two full-scheme buy-in transactions with Aviva, securing the benefits of all members across two pension schemes sponsored by the UK subsidiary of a US company in the retail sector. The aggregate premium was c£130 million.
The buy-ins cover c600 deferred members and c1,200 pensioners and dependant pensioners. The transactions were completed within six months of K3’s appointment as risk transfer adviser in February 2025.
The process attracted competitive engagement from eight insurers in a busy market. Alongside pricing, the schemes’ Trustee gave significant attention to broader factors such as quality of administration service and member experience offered by the chosen insurer.
K3 is now advising the Trustee on the transition from buy-in to potential buyout for both schemes and has also been appointed to broker a further transaction for another of the sponsor’s schemes. Independent Governance Group (IGG) act as independent professional trustee on the Trustee board of each scheme. Other advisers included Aon as scheme actuary and administrator, Squire Patton Boggs as legal adviser, and Schroders Solutions as fiduciary manager.
Thomas Crawshaw, Senior Actuarial Consultant at K3 Advisory, added: “Completing two full-scheme buy-ins in parallel within six months of our appointment highlights what can be achieved through effective preparation and market engagement. The transactions underline the importance of looking beyond price alone, with the focus on post-transaction support and the ultimate member experience playing a central role in the outcome.”
Karein Davie, Trustee Director at IGG, said: “These transactions represent a very positive outcome for members. The Trustee and our advisers ensured that the schemes were well prepared in advance and able to act quickly to ensure an opportunity was not missed. The collaboration between the sponsor, trustees, fiduciary manager and advisers was key to achieving a smooth process and ensured that we moved at pace. We placed a strong emphasis on selecting an insurer with the right cultural fit and commitment to delivering excellent service.”
Paul Donnelly, BPA Deal Manager at Aviva, commented: “It’s been great to have worked with both schemes and their advisers to deliver a strong outcome for members. These transactions show that even in a competitive and busy market, insurers are ready to engage to offer attractive terms and provide the expertise and service quality that schemes can rely on.”
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