The Trustee of the Greggs plc 1978 Retirement and Death Benefit Scheme has entered into a £100 million bulk purchase annuity transaction with Aviva, covering the majority of the scheme’s liabilities.

As part of the Trustee’s long term de-risking strategy, Newcastle-based Greggs plc provided additional funding support which facilitated the buy-in, increasing the long-term security of all members’ benefits.

Hymans Robertson were the lead transaction advisors, with legal advice provided to the Scheme by Eversheds Sutherland.

David Brown, Chair of the Trustee, Greggs plc 1978 Retirement and Death Benefit Scheme, said: “I am delighted that we have been supported by Greggs plc and our advisers Hymans Robertson, Eversheds and Barnett Waddingham, to enable to us to reach a buy-in agreement with our chosen insurance company Aviva.

“The partnership with Aviva allows us to take the next step in our de-risking strategy.”

Verity Hastie, Risk Transfer Specialist, Hymans Robertson, said: “It’s been a pleasure to advise the Greggs Trustee on their de-risking strategy in recent years and to help them secure an excellent outcome with Aviva.

“The Scheme is now in a solid financial position and we look forward to helping the Trustee as they continue their journey post buy-in.”

Paul Donnelly, Deal Manager, Aviva, said: “We’re delighted to have supported the Trustee to achieve their goal of de-risking their pension scheme.

“The Trustee and Greggs plc had clear priorities, from the outset – to partner with a financially strong and trusted insurance company, with a focus on first-class member care and a responsible investment ethos.”