Jarrold & Sons has secured the benefits of 500 members of its pension scheme after completing a £19m buy-in with insurance giant Aviva.
This is the Norwich-based retail, property and training group’s first insurance deal to reduce risk in its £34m defined benefit (DB) scheme.
Finance director Christopher Doggett described the deal as another step to securing the futures of the company’s pension scheme members as well as providing long-term stability for shareholders.
Aviva BPA deal manager Toby Holmes said he hopes that this deal is the start of a strong working relationship with the group.
Jarrold & Sons was established in 1770 and today owns a department store as well as smaller retailers. It also has a 17-acre residential and office portfolio as well as providing business training.
