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Coates UK Pension Scheme, Bristol, England, has completed a £350 million ($429 million) buyout with Aviva, the organizations said in a joint news release on Tuesday.
The transaction was brokered by a joint working group of plan trustees and Coates Group Management, “to set the plan on a journey toward full insurance,” the release said. It covers 3,700 participants – “a significant proportion” of members, according to Jamie Cole, head of wholesale purchase annuity origination at Aviva. Further details were not immediately available.
Aviva’s commitment to sustainability was a key factor in selecting it for the buy-in, trustee chairman Chris Martin said in the release. Aviva has pledged to become a net-zero carbon emissions company by 2040.
The trustees of Coates UK Pension Scheme were advised by Len Clark & Peacock on derisking, Reddington on investments and Sakers on legal advice. Coates Group, which manufactures thread, zips and fasteners, was advised by ICO.
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