Trustee completes partial buy-in with Aviva
Purchase of bulk annuity policies for the VisitLondon and Welsh Government Sections
The Board of Trustees has taken another important step in its strategy to reduce investment risk and increase the security of benefits for those members of both the VisitLondon and Welsh Government (formerly, Visit Wales) Sections who are currently in receipt of a pension.
On 4 March 2021, the Trustees agreed to purchase two bulk annuity policies (sometimes known as a ‘buy-in’) from Aviva Life & Pensions UK Limited (Aviva) which will help further increase the security of your pension benefits by protecting both the VisitLondon and Welsh Government Sections of the Scheme against changes in life expectancy.
These new policies, with a value of approximately £8.37 million and £32.43 million respectively, are important new assets within each of the Section’s overall investment portfolio held by the Trustees. It will provide an income to the relevant Section in respect of a substantial proportion of total member benefits.
Your benefits from either the VisitLondon or Welsh Government Sections will not be changed by the purchase of these policies and all pensioners will continue to receive their pensions from the Scheme’s administrator, Buck, each month as normal. You do not need to take any action in response to this announcement, but we have provided links to a Question & Answer sheet, tailored to the members of each Section, which you may download below.
Welsh Government Section – Q&A
If you have any further questions about the ‘buy-in’ transaction, please contact Catherine Palarca, Secretary to the Trustees, by email at: catherine.palarca@lawdeb.com or in writing to Pegasus Pensions Plc, 8th Floor, 100 Bishopsgate, London, EC2N 4AG.