Aviva secures £600m buy-in for Wolseley Group Retirement Benefits Plan

Aviva has completed a £600 million bulk purchase annuity buy-in with the Trustee of the Wolseley Group Retirement Benefits Plan, securing the remaining uninsured defined benefits for ~10,000 members. The deal closed in September 2025, with Aon advising the Trustee and CMS providing legal support; LCP and Freshfields advised the Company.

“It’s been a pleasure to work with the Trustee and its advisers to provide long-term security for members of the Plan through this significant buy-in transaction. This milestone reflects the strength of collaboration between all parties and the shared commitment to delivering robust member outcomes.” – Sarah Cave, Senior Deal Manager at Aviva.

“This is an important milestone for the Plan and an extremely positive development for members. As Trustee, we’re there to make sure Plan members receive the benefits they’ve earned. We have been working closely with the Company, advisers and Aviva to achieve this extra security for members, which would not have been possible now without the Company’s commitment and additional financial support.” – Wayne Phelan, Chair of the Plan Trustee and CEO at Vidett.

“We were delighted to partner with the Trustees, including Vidett, and Ferguson on this complex transaction. A competitive auction process, and careful management of illiquid asset sales, ultimately led to a great outcome for all parties and importantly members of the Plan. This further underpins that there continues to be opportunities in the insurance market for well-positioned schemes.” – Hannah Brinton, Partner at Aon.

“Ferguson is proud to have supported the Plan Trustee in achieving this significant buy-in with Aviva. This transaction demonstrates our ongoing commitment to protecting the security of member benefits for the future. We are grateful for the collaboration between the Company, Trustee and all advisers during this complex process.” – Julia Mattison, UK Finance Director at Ferguson.