View more on these topics

Aviva locks in £600m bulk annuity deal

Aviva-signage-building-2013-700.jpgThe insurer says bulk annuities are a “significant growth area” for its UK business

Aviva has completed a £600m bulk annuity deal with the Pearson Pension Plan, its biggest deal to date.

The deal is a pension buy-in transaction that covers the liabilities of around 2,400 members. Aviva already provides workplace pensions, protection and health insurance for Pearson.

In a statement, Aviva says it has identified bulk annuities as a “significant growth opportunity” for its UK and Ireland business. This year it has hired more than 30 staff as it eyes large bulk annuity deals.

Aviva UK Insurance chief executive Andy Briggs says the deal shows the company’s “significantly increased ambitions” in the bulk annuity market.

Briggs says: “We’re continuing to see very strong demand for bulk annuity deals as more and more trustees look to find the right solution to manage their defined benefit pension schemes.”

Recommended

Standard Life and Scottish Widows complete bulk DC transfer

The first automated transfers between occupational defined contribution schemes through Origo’s new transfers service has taken place, moving 305 members between Standard Life and Scottish Widows in around five days. Origo says the new automated bulk transfer process, operated through its Options Transfers service, has brought down to a number of days an operation that […]

1

Platform boss calls for FCA clarity on bulk transfers

AJ Bell has called on the FCA to provide clarity on the suitability process advisers should follow when transferring clients in bulk to another platform. Speaking to Money Marketing, chief executive Andy Bell says many advisers are reviewing the platforms they use as a result of the major replatforming exercises under way across the platform […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment