As professional trustee to the Thomas Cook Pension Plan (the Plan), we’re very pleased to confirm we have completed a £900m buy-in with Aviva to secure the benefits for all (over 12,500) members. The Vidett team involved with the Plan are Mark Johnston, Steve Southern and Nikhil Patel.
The deal, which completed on 4 May, provides Plan members with pension benefits at or in excess of Pension Protection Fund (PPF) compensation levels. The buy-in and eventual buy-out with Aviva will ultimately result in a better outcome for the vast majority of members than they may have been expecting.
On the conclusion of the deal, Vidett’s Mark Johnston commented: “This is a good outcome for members and the culmination of a fantastic collaborative effort between us, Open Trustees, the PPF, Barnett Waddingham, Towers Watson, Gowling, Aviva and DLA Piper.
As the former UK Pension Manager at Thomas Cook, I’m especially pleased that we have managed to secure the long term pension benefits for the members of the Thomas Cook Pension Plan, including many former colleagues. This one really was personal!”
To view the full press release, please click here