Aviva finalises bulk annuity deals with Fenwick Limited pension schemes, extending a partnership over a decade long

Aviva finalises bulk annuity deals with Fenwick Limited pension schemes, extending a partnership over a decade long

(IN BRIEF) Aviva has completed £113 million bulk purchase annuity buy-in transactions with the Fenwick Limited Superannuation Fund and the Fenwick Senior Executive Pension Fund, securing all remaining member benefits. The long-standing partnership, which began in 2012, was supported by XPS as lead adviser, with additional input from LCP, DLA Piper, and Independent Governance Group. Aviva Deal Manager Emma Thomas said the careful preparation by trustees and advisers ensured a smooth process and reinforced the strong collaboration with Fenwick across both DB and DC schemes. The transactions mark a significant achievement, providing security and stability for members.

(PRESS RELEASE) LONDON, 22-Sep-2025 — /EuropaWire/ — Aviva has announced the successful completion of bulk purchase annuity (BPA) transactions worth £113 million with the Fenwick Limited Superannuation Fund and the Fenwick Senior Executive Pension Fund. The deals, which secure all remaining benefits for members of both schemes, represent the continuation of a partnership between Aviva and Fenwick that dates back to 2012.

The British department store group Fenwick Limited is the sponsor of both schemes. The trustees and sponsor were advised by XPS, who led the transaction process, while DLA Piper provided legal advice. LCP supported the schemes with actuarial, investment, and administration services, and Aviva was advised internally.

Emma Thomas, BPA Deal Manager at Aviva, highlighted the long-standing collaboration:
“It’s been a privilege to support the trustees in a relationship that began over a decade ago, providing members with lasting financial security. The thorough preparation by the trustees and their advisers allowed for smooth execution, creating a strong foundation for the next stages. We have built a strong partnership with Fenwick across both DB and DC schemes, and it has been a pleasure to be part of this journey.”

Ash Williams, Partner at XPS, underscored the collaborative approach:
“These transactions demonstrate the benefits of working closely as a joint group, ensuring excellent results for stakeholders and long-term stability for members. The process was complex and required engagement across multiple parties, but we are proud to have successfully led the execution with the Trustees, Company, and wider advisory teams.”

Dickon Best, Trustee Director at Independent Governance Group, added:
“As Professional Corporate Sole Trustee, we are delighted to have guided both schemes through to successful buy-in transactions, reinforcing the partnership with Aviva. With these deals completed, all members now have their benefits fully secured. We extend our thanks to XPS, LCP, DLA Piper, and the Company for their invaluable support in achieving this outcome.”

This latest milestone further strengthens Aviva’s role as a trusted partner in securing member benefits and supporting pension schemes in delivering long-term financial stability.