The trustee of the Greggs plc 1978 Retirement and Death Benefit Scheme has secured a £100m buy-in deal with Aviva, covering the majority of the scheme’s liabilities.

Greggs provided additional funding support to help facilitate the buy-in and increase the long-term security of all members’ benefits, as part of the trustee’s long-term de-risking strategy.

Hymans Robertson acted as the lead transaction advisers on the deal, while legal advice was provided to the scheme by Eversheds Sutherland.

Commenting on the deal, chair of the trustee, David Brown, said: “I am delighted that we have been supported by Greggs 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.”

Aviva deal manager, Paul Donnelly, added: “We’re delighted to have supported the trustee to achieve their goal of de-risking their pension scheme.

“The trustee and Greggs 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.”

---