Aviva Inks £350M Deal With Co-operative Pension Scheme

Law360, London (May 13, 2020, 1:48 PM BST) -- Aviva PLC announced Wednesday that it has struck a deal to insure £350 million ($430 million) of liabilities for the Co-operative Group's pension scheme as part of a strategy to move some risk away from the trustee.

Aviva said the buy-in deal with the Co-operative Pensions Scheme, known as Pace, will be worth £350 million and will cover the defined benefit pension liabilities of 2,300 members, removing the investment and longevity risk — the risk that members might live longer than anticipated, meaning the insurer will need more cash on hand — of these members from the scheme.

Aviva said it is...

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