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Aviva scores another bulk annuity deal in new growth strategy

Pensions-savings-retirement-piggy bankAviva has secured the latest deal in its bit to write more bulk annuity business.

A decade after two financial support directions were imposed, the Sea Containers 1983 Pension Scheme has been insured by Aviva in a bulk annuity deal.

Aviva’s £187m buy-out will allow trustees to secure benefits in access of Pension Protection Fund compensation levels for approximately 750 members.

Aviva deal management lead Stephen Purves says strong demand for bulk annuity deals is becoming more commonplace for de-risking defined benefit pension schemes.

He says: “The trustees have chosen Aviva to insure the benefits of the members of the scheme and we believe that this deal further demonstrates our capabilities and ambitions in the bulk annuities market.”

A similar £600m deal last year saw Aviva buy-in to the Pearson Pension Plan. The firm said it saw bulk annuities as a “significant growth opportunity” for its UK and Ireland business.

The renewed drive comes after Aviva looked to pull out of large bulk annuity deals in 2012 as part of a cost cutting drive.

Link ATL Pension Trustees chair Jane Fryer says she is “delighted” at the final winding up of the Sea Container scheme after ten years.

Test case for Pensions Regulator in £90m order against Sea Containers

She says: “We feel the scheme has gained from recent competitive rates in the market. We have been able to secure benefits for members above PPF compensation levels.”

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