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Office Depot UK Completes £140 Million Pensions Buy-in.
Office Depot UK, an office supplies company, has finalized a £140 million deal to transfer the pension liabilities of the Guilbert UK Retirement Benefits Plan, which it sponsors, to Aviva, an insurance company.The deal covers about 1,500 plan members, who will not see any difference in their benefits. It also reduces the risks of market fluctuations and longer lifespans for the plan.
The deal was overseen by PricewaterhouseCoopers (PWC), which advised both the plan trustee and Office Depot UK. Travers Smith provided legal counsel and Mercer handled the administration, actuarial and investment aspects for the trustee.
Niamh Hamlyn, a partner at Travers Smith, said: “We were very pleased to work with the trustee again to achieve this important goal for the Guilbert Plan members. Thanks to the effective cooperation of PWC, Mercer and Aviva, we were able to complete the deal within a short timeframe, securing positive outcomes for the members for the future.”
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