National Grid pension scheme completes £1.7bn buy-in with Aviva

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pensioners, transitioning the group’s existing longevity swap with Zurich Assurance Ltd to Aviva.<br /> <br /> Aon acted as the sole transaction adviser, covering actuarial, investment and broking aspects. <br /> <br /> DLA Piper UK LLP provided legal advice to the group trustee, and Mayer Brown International LLP advised the scheme trustee.<br /> <br /> Aviva senior deal manager, Sean Rooney, said: “Our team worked closely with the Trustees and their advisers to support them with this important step to provide long-term security for their pensioner members. <br /> <br /> "The transaction included the transition of the group’s longevity swap, and throughout the process all parties have been flexible and focused on delivering a successful outcome. <br /> <br /> "We’re especially proud that we can secure benefits for yet another signatory scheme of AFS’s Sustainability Principles Charter, reinforcing our commitment to this important initiative.”<br /> <br /> Adding to this, National Grid Electricity Group trustee board chair, Stephen Yandle, said: “The group trustee is pleased to have been able to take the next important step on our de-risking journey. <br /> <br /> "The transaction is great news for members in the group, adding further protection to their benefits, and on terms that are fully aligned with our strategic objectives. <br /> <br /> "It was a pleasure working in partnership with Aon and DLA Piper as part of this transaction, and we look forward to working closely with Aviva in the future.”</p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=National Grid pension scheme completes £1.7bn buy-in with Aviva&url=https://pensionsage.com/pa/Electricity-Supply-pension-scheme-completes-buy-in-with-Aviva.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a 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National Grid pension scheme completes £1.7bn buy-in with Aviva - Pensions Age Magazine