Aviva completed £270m buy-in with Morrisons Retirement Saver Plan

Aviva announced the completion of a £270 million bulk purchase annuity buy-in with the Morrisons Retirement Saver Plan – RSP Section (the “Plan”). This marks the third buy-in that Aviva has transacted with schemes sponsored by Wm Morrison Supermarkets Limited (the “Company”), one of the UK’s largest grocery retailers.

Aon led the transaction on behalf of the trustees, with Clifford Chance providing legal advice to the Trustee. DLA Piper provided legal advice to Aviva.

The transaction completed in March 2025, and secures the benefits of over 32,000 deferred members of the sizeable Cash Balance Plan. Additionally, Aviva underwrote a Winding-Up Lump Sum (WULS) exercise* for c.30,000 members.

The deal demonstrates Aviva’s ability to manage complex transactions and achieve good outcomes for clients through innovative solutions.

Sean Rooney, BPA Deal Manager at Aviva, said: “We’re pleased to have supported the trustees of the Morrisons Retirement Saver Plan with their plans to secure member benefits. This transaction highlights Aviva's extensive capabilities and our commitment to providing innovative solutions tailored to client needs.”

Steve Southern, a professional trustee from Vidett and Chair of Trustees for the Plan, said: “Securing members’ benefits in full, while offering eligible members the option of a WULS, means we can provide both security and flexibility — an excellent outcome. We are delighted to have achieved this, which is a testament to the hard work over the past few years to meet our de-risking goals, alongside Aviva’s willingness to deliver a bespoke solution.”

John Baines, Senior Partner at Aon, added: “The transaction required meticulous planning and creativity to design solutions for a highly unusual pension scheme. The structure developed here gives the Trustee cost certainty and c.30,000 members additional benefit flexibility. This demonstrates that, even in a busy and competitive market, great results can be achieved where all parties commit to collaborating on complex and innovative transactions.”