Insurance Giant Aviva May Take Over £200m Executive Pension Assets

  • Debenhams in talks to offload executive pension scheme
  • Insurance company Aviva potentially involved in the deal
  • £200m assets in the scheme
  • Closure of 19 stores announced last week

Embattled department store chain Debenhams is reportedly in talks with insurance company Aviva to buy out its executive pension scheme, which holds over £200 million in assets. If the deal goes through, it will guarantee future benefits for members of the senior pension scheme. However, this move could be seen as controversial since it does not include the main pension scheme that covers most of its staff. Sources told Sky News that trustees of the main scheme are seeking a separate deal with a consolidation vehicle. This news comes after Debenhams announced the closure of 19 stores last week. The company went under lender control in April last year when it entered pre-pack administration, and its subsidiaries were transferred to Celine UK NewCo 1 Ltd.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about Debenhams’ potential deal with Aviva for its executive pension scheme, the exclusion of the main pension scheme, and the closure of 19 stores. It also mentions the company’s transfer to Celine UK NewCo 1 Ltd. However, it lacks some details on the overall financial situation of Debenhams and the potential impact on employees.
Noise Level: 3
Noise Justification: The article provides relevant information about Debenhams’ pension scheme talks with Aviva and its store closures but lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Debenhams and Aviva
Financial Rating Justification: The article discusses the potential buyout of Debenhams’ executive pension scheme by insurance company Aviva, which involves significant financial amounts and impacts both companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk