Aviva publishes on its website:
“Aviva today announces it has completed a £1 billion bulk purchase annuity transaction with the Trustee of the Co-operative Pension Scheme (Pace).
Aviva will insure the defined benefit pension liabilities of approximately 7,000 members, removing the investment and longevity risk of these members from the Scheme. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction, which forms part of the Trustee’s de-risking strategy.
The competitive bidding process to select an insurer and negotiate terms was led by Aon on behalf of the Trustee. The Trustee received legal advice from Linklaters and investment advice from Mercer.”
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