In February, the Arcadia Group Pension Scheme (AGPS) and Arcadia Group Senior Executive Pension Scheme (AGSEPS) agreed an £850 million buy-in with Aviva following a period in PPF assessment.
Aviva was selected following a robust insurance market review and a competitive and comprehensive selection process. The agreement enabled the trustees to secure benefits in excess of PPF levels for around 8,800 members of the schemes.
The trustees secured full scheme benefits for members of AGPS, while members of AGSEPS will receive no less than 90 per cent of the value of full scheme benefits.
The collaborative approach taken by the PPF and the buyout panel working with this scheme helped to gain this positive result for members of the Arcadia schemes.