Gallagher, the global insurance, risk and consulting firm, has advised an unnamed UK pension scheme on the successful completion of a £24 million full scheme buy-in with Aviva, securing the benefits of 240 scheme members.
Appointed as the risk transfer broker in 2024, Gallagher worked closely with the trustees, employer and other advisers to prepare the scheme, whilst monitoring affordability to transact.
In July 2025, following Gallagher's advice, the trustees were confident that the transaction was affordable and agreed to approach the market in February 2026 for a competitive process once preparations were complete.
Aviva was selected as the preferred provider and aimed to execute the buy-in quickly before H2 2026. As part of the due diligence process ahead of signing, the trustees met with Aviva's transition and customer teams to discuss how Aviva will support their members in the future.
This engagement helped ensure a clear understanding of the trustees' priorities and allowed Aviva the opportunity to demonstrate its well-tested transition processes alongside its commitment to meeting member needs.
Trustees of the Scheme included Vidett Limited, Pinsent Masons provided legal advice to the trustees and Gallagher acted as scheme actuary, risk transfer broker and administrator.
Arpan Shah at Aviva, said: "We are delighted to have completed this buy-in with the Trustees of the Unnamed UK Pension Scheme and help secure the benefits of its members. This transaction highlights the value of early preparation, strong collaboration and a clear focus on member outcomes. Working closely with the Trustees and their advisers, we were able to provide a solution that incorporated GMP equalisation considerations from the outset, including the provision of GMP-equalised individual member calculations from inception. Combined with a smooth and efficient transaction process and early engagement between the Trustees and our implementation and administration teams, this helped deliver long-term security for members and a positive outcome for the Scheme."
Alison Pearson & Chris Halewood, Trustee, Associate Director & Client Director at Vidett Limited, said: "We are delighted to have concluded this transaction so smoothly thanks to the diligent price monitoring and collaborative approach between the Trustees, advisors and Employer. This marks a significant milestone in the Scheme's journey and we are pleased that our members' retirement benefits have been secured for the long-term. Gallagher's clear and direct advice, coupled with Aviva's focus on positive member experience made the decision quick and easy."
Trena Vas-Riddell, Senior Risk Transfer Actuary at Gallagher, said: "We are pleased to have supported the trustees in selecting Aviva as their partner for this transaction, delivering a strong outcome for both the Scheme and its members. By closely monitoring insurer capacity and market dynamics, we identified that a competitive process would achieve the optimal result. We then worked collaboratively with the trustees and co-advisers to ensure the scheme was well positioned to move quickly once a buy-in became affordable."
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