Following a £10 million deal in 2017, Aviva and the trustees of the Association of British Insurers (ABI) Pension & Assurance Scheme have now completed a second transaction. Wrapped up this time around is a £26 million bulk purchase annuity buy-in.
“We are delighted to have completed a second transaction with the Association of British Insurers Pension & Assurance Scheme,” said Jamie Cole, head of bulk purchase annuity origination at Aviva.
“All parties worked closely to ensure the smooth and efficient completion of this transaction which provides greater security for scheme members and shows Aviva’s flexibility in transacting with schemes of all sizes.”
Under the buy-in, the tender process for which was led by Mercer, Aviva will insure the defined benefit pensioner liabilities for 191 members.
“We worked closely with the ABI and Mercer over the last 12 months to plan, and then take, this important step on our journey to further reduce the scheme’s risks,” noted Philip Exact, chair of the Association of British Insurers Pension & Assurance Scheme’s trustees.
“Aviva was selected after a competitive tender process and we are very pleased to have successfully completed this transaction.”