Aviva Completes £1.7B Buy-In With Staff Pension Plan

Law360, London (October 24, 2019, 3:04 PM BST) -- British insurer Aviva PLC announced Thursday that it has completed a £1.7 billion ($2.2 billion) deal to insure the defined-benefit pension liabilities of members of its staff pension scheme as part of a broader plan to reduce the level of financial risk in the fund.

The bulk annuity buy-in transaction — a type of insurance policy for defined-benefit funds held as an asset of the fund in the name of the trustee — means approximately 4,300 deferred and 1,500 current members of the Aviva Staff Pension Scheme will be insured, the company said.

“The trustee is delighted to have entered into this first...

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