Linklaters Guides £875M Pension Deal For Aviva Staff Scheme

Law360, London (November 27, 2020, 12:59 PM GMT) -- Aviva Life & Pensions UK Ltd. said on Friday that it has insured £875 million ($1.1 billion) of liabilities for its parent company's staff retirement savings plan.

The buy-in transaction for the Aviva Staff Pension Scheme will insure against the risk that 2,868 members of the plan will live longer than expected.

It is the second bulk annuity deal for the defined benefit scheme. Aviva Life & Pensions insured £1.7 billion of liabilities in the plan in October 2019, covering 4,300 deferred and 1,500 pensioner members.

"This recent buy-in helps to further reduce the amount of longevity and investment risk within the...

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