Aviva wins its largest bulk purchase annuity deal

Andy Briggs, CEO of Aviva UK Insurance

Aviva today announced it has completed a £600 million bulk annuity deal with The Pearson Pension Plan.

It’s a pensioner buy-in transaction which covers the liabilities of around 2,400 members and builds on the important existing relationship that Aviva has with Pearson plc, for which it provides corporate pensions, group protection and health insurance.

Members of The Pearson Pension Plan will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

The competitive bidding process to select an insurer and negotiate terms was led by LCP on behalf of the Plan’s Trustee.

Andy Briggs, Chief Executive Officer of Aviva UK Insurance, said: “We’re delighted that the Trustee for The Pearson Pension Plan has chosen us to insure the pension benefits of its Plan members.

“This deal not only demonstrates our significantly increased ambitions in the bulk annuity market but also Aviva’s unique capabilities in being able to meet a broad range of needs for our clients, whether it’s pensions, general insurance, health, protection or asset management.

“This is helping us to build deeper relationships with our clients, customers and partners – and this latest deal is a great example of this.