Merseyside Pension Fund (MPF) has completed a £200 million bulk purchase annuity scheme with insurer Aviva, involving the benefits of about 2,500 pension fund members from transport company Arriva Merseyside Ltd. 

Wirral Borough Council is the Administering Authority responsible for managing and administering the Merseyside Pension Fund. Mercer was the lead adviser on the transaction with input from Paul Middleman as the Fund Actuary. Legal advice was provided to the Administering Authority by Eversheds Sutherland LLP.

John Fothergill, Senior Deal Manager at Aviva, said: “We developed Aviva Clarity as a streamlined process to help a greater number of trustees by increasing standardisation.  It’s pleasing that Aviva has now been recognised for tailoring its approach to adapt to the public sector procurement process. The Administering Authority made clear upfront the requirements to meet their ESG expectations and to be trusted to provide members’ benefits. This enabled us to efficiently deliver what they needed in order to proceed with Aviva.”

Peter Wallach, Director of Pensions at Wirral Borough Council, said: “We are delighted to have expanded our risk management strategy to achieve greater certainty of cost for the Fund’s biggest non-public sector constituent employer, Arriva Merseyside, whilst simultaneously improving governance and reducing risk across the employer base with Aviva.”