Aviva today announced the successful completion of a £160 million bulk purchase annuity (BPA) buy-in with the SG Pension Fund. Finalised in August 2025, the transaction secures the benefits of more than 1,900 members. The scheme sponsor is Portakabin Limited, a leading provider of modular building infrastructure, serving a range of markets including education, healthcare, public infrastructure, commercial and industrial sectors.
The transaction further strengthens Aviva’s relationship with the Trustee and sponsor following the successful addition of the sponsor’s defined contribution (DC) scheme to the Aviva Master Trust in 2024. In addition, the transaction ensures a positive member experience by enabling a section of scheme members to continue accessing their AVC* funds as a first source of tax-free cash in future, using Aviva’s DB&C policy which is integrated with the Aviva Master Trust DC proposition.
The trustees were advised by Aon, who led the process, with legal advice provided by Gowling.
The transaction demonstrates our continued focus on delivering tailored solutions that meet the evolving needs of our clients. We look forward to welcoming members to Aviva in the future.
Sean Rooney, Senior BPA Deal Manager at Aviva, said: “This transaction was a pleasure to work on and is another example of a longstanding collaboration with Portakabin UK to secure members’ pension benefits. The transaction demonstrates our continued focus on delivering tailored solutions that meet the evolving needs of our clients. We look forward to welcoming members to Aviva in the future.”
Chris Martin, of Independent Governance Group, Chair of the Joint Working Group, said: “We are very pleased to have taken this further step in improving the security of members’ benefits, which has always been a key objective for both the Trustees and Company. The collaboration between the Trustee and the sponsor, Aon as lead transaction adviser, and Gowling, has been at the heart of delivering this great outcome for Fund members.”
Tony Sharp, Chair of Trustees, said: “We were pleased to work closely with the sponsor and our advisers, through the Joint Working Group, to achieve this great outcome for our Fund members. The Trustee will continue to support the Fund over the coming years and look forward to working with the team at Aviva.”
Matt Cook, Associate Partner at Aon, added: “This transaction is a great example of how having nimble governance in place, along with a clear focus on objectives, can drive the best outcome from the insurance market. An integrated Aon team combining risk settlement, investment, and actuarial services ensured that the transaction was completed efficiently and meets the objectives of all Fund stakeholders.”
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* An Additional Voluntary Contribution (AVC) is a way to make additional flexible contributions to your workplace pension.