Linklaters Advises On Aviva Insuring £1B Of Co-op Pension

Law360, London (January 30, 2020, 2:42 PM GMT) -- Linklaters LLP has advised Aviva on a deal to insure £1 billion ($1.3 billion) of liabilities for the Co-operative Group’s pension scheme in a move to transfer some risk away from the trustee.

British insurer Aviva PLC said on Wednesday that it has completed a buy-in deal with the Co-operative Pension Scheme, known as Pace. Buy-ins allow pension scheme trustees to purchase insurance that will cover a group of members, although the trustee remains responsible for paying out to retirees.

Angela Darlington, incoming chief executive of Aviva UK Life Services Ltd., said it was a "significant deal" and continued, “This is further...

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