The Stantec Pension Plan (UK Section) has secured a full-scheme buy-in with Aviva for an undisclosed amount, securing the benefits of the remaining 629 deferred and 51 pensioner members of the scheme.

The transaction, completed in May 2026, covered the buy-in of all scheme liabilities and was achieved using the scheme’s assets, but did not require an additional contribution from the sponsor.

The scheme is sponsored by Stantec UK Limited, a company focused on sustainable engineering, architecture, and environmental consulting, and was a legacy insured arrangement.

Broadstone provided annuity broking alongside actuarial services, investment consultancy and scheme administration. Meanwhile, DLA Piper provided legal advice to the trustees, and Aviva used in-house legal support.

The trustees collaborated with Aviva and Broadstone to negotiate favourable surrender terms that took into account the policy guarantees, leading to an affordable buy-in.

Broadstone utilised its SM&RT Insure process to prepare the scheme and helped the trustees create a shortlist of insurers to take part in a competitive pricing process.

The trustees identified key characteristics for the chosen insurer, emphasising the importance of member experience and strong procedures for a rapid and well-managed post-transaction period. This led the trustees to select Aviva and employ its streamlined offering, Clarity.

Commenting on the deal, chair of trustees and Vidett client director, James Duggan, said: “This process was well managed by our advisers who provided clear and understandable advice throughout.

“The insurer selection meetings were a crucial part of our process to choose the right insurer; we prepared and identified the characteristics to put our members at the very top of our priorities, and by selecting Aviva, we have chosen to partner with an insurer that we felt would best deliver great member outcomes.”

Adding to this, Aviva bulk purchase annuity (BPA) deal manager, Andrew Shaposhnikov, said the insurer is “delighted” to have worked with the trustees and their advisers to secure the benefits of all members of the Stantec Pension Plan (UK Section).

“The trustees undertook a thorough selection process with a clear focus on achieving the best possible outcomes for members, and we are pleased they chose Aviva to support them on that journey,” he continued.

“Through our Clarity proposition, we were able to deliver an efficient transaction and look forward to providing long-term security and a high-quality experience for the members.”

Broadstone deal lead, Bob Jenkinson, also emphasised his pleasure in working with the trustees and Stantec UK Limited through the election process and, before that, the exit from the legacy contract, which was “not meeting trustee and member needs”.

“The trustees undertook robust due diligence and challenged the participating insurers on their offerings on behalf of the members. We demonstrated that this approach is still an important part of these projects, even where insurers’ streamlined solutions are used,” Jenkinson concluded.

This article was first published on our sister title Pensions Age.

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