Shepherd & Wedderburn Guides £26M Pension Deal For ABI

Law360, London (April 7, 2021, 2:48 PM BST) -- An employee pension scheme for the trade body of British insurers said on Wednesday that it has passed on £26 million ($36 million) of members' liabilities to insurer Aviva PLC.

The bulk annuity deal will see Aviva providing insurance against the risk that members of the Association of British Insurers Pension & Assurance Scheme live longer than expected.

The deal covers liabilities of 191 members of the retirement plan. It follows a transaction with Aviva in 2017, in which £10 million of pension liabilities was insured.

"All parties worked closely to ensure the smooth and efficient completion of this transaction which...

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