Aviva completes £1.7bn buy-in deal with staff pension scheme

24 October 2019

Aviva publishes on its website:

“Aviva Life & Pensions UK has announced the completion of a £1.7 billion buy-in with the Aviva Staff Pension Scheme, securing the defined benefit pension liabilities of around 5,800 members.

The deal, which affects 4,300 deferred and 1,500 current pension members, follows a £5 billion longevity swap in 2014

The swap passed longevity risk associated with 19,000 members to Munich Re, SCOR and Swiss Re.

“The Trustee is delighted to have entered into this first buy-in to help secure the benefits due to our members,” said Brian Bussell, Chair of the Trustee of the Scheme.

“Combined with the existing longevity swap, this buy-in means that the Scheme has now hedged a material amount of longevity and investment risk.

Hymans Robertson’s leadership, advice and insights proved invaluable to us in reaching this significant milestone for the Scheme.””

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