Co-operative Pension Scheme’s £350 Million Bulk Annuity Buy-In With Aviva


Linklaters has advised the Trustee of the Co-operative Pension Scheme on a £350m bulk annuity buy-in with Aviva.

This is the fourth buy-in that Linklaters has advised the Trustee on since the start of the year and the second deal of this type between Aviva and the Co-operative, following the £1bn transaction announced in January.

The Trustee benefitted from the contractual terms negotiated in January, with the contract structured as an umbrella framework agreement. This allowed them to move swiftly to execution on an expedited timeline and take full advantage of favourable market pricing.

This transaction insures the defined benefit pension liabilities of an additional 2,300 members on top of the 7,000 members secured in January.

The Linklaters team was led by pensions partner, Phil Goss (Picture), and included Managing Associate Gareth Craft and Associate Elizabeth Forbes.

Involved fees earner: Gareth Craft – Linklaters; Elizabeth Forbes – Linklaters; Philip Goss – Linklaters;

Law Firms: Linklaters;

Clients: Trustee of the Co-operative Pension Scheme;