Aviva announces £190m bulk annuity deal

31 May 2021

Aviva today announces it has completed a £190m bulk purchase annuity buy-in transaction with the Trustees of the Wyeth Group Pension and Life Assurance Scheme (1997). The sponsoring employer, John Wyeth & Brother Limited, is part of the Pfizer Group which is one of the world’s largest biopharmaceutical companies.

Aviva will insure the defined benefit (DB) pension liabilities for approximately 2000 members, removing the investment and longevity risk of these members from the Scheme. The transaction also makes use of Aviva’s innovative Defined Benefit and Contribution Plan, which will ultimately secure benefits for those members with both defined benefit and defined contribution (DC) arrangements following a period after the initial buy-in transaction.

The process to select an insurer and negotiate terms was led by Mercer on behalf of the Trustees, with Allen & Overy LLP providing legal advice.

Source: Aviva