Investment - Articles - Hymans Robertson advises on Aviva Staff Pension buy in


The Aviva Staff Pension Scheme (the “Scheme”) has completed a £1.7 billion buy-in with Aviva Life & Pensions UK Ltd (“Aviva”) covering the Scheme’s liabilities in respect of c.5,800 members. Hymans Robertson acted as lead adviser to the Scheme.

 Through the buy-in arrangement, Aviva will insure the defined benefit pension liabilities of approximately 4,300 deferred and 1,500 current pensioner members of the Scheme.

 Brian Bussell, Chair of the Trustee of the Scheme, said: “The Trustee is delighted to have entered into this first buy-in to help secure the benefits due to our members. Combined with the existing longevity swap, this buy-in means that the Scheme has now hedged a material amount of longevity and investment risk.

 Hymans Robertson’s leadership, advice and insights proved invaluable to us in reaching this significant milestone for the Scheme.”

 Michael Abramson, Partner at Hymans Robertson and lead adviser on the transaction added: “Hymans Robertson is delighted to have helped the Trustee take this meaningful step in its de-risking journey. Despite political uncertainty and market volatility, 2019 has already proven a record year for the bulk annuity market, with total transaction volumes in excess of £36bn. Buy-ins such as these show how insurance can be a meaningful part of the de-risking strategy for even the largest pension funds.”
  

Back to Index


Similar News to this Story

Inheritance Tax raises almost GBP6 billion in 8 months
December’s update from HMRC shows that Inheritance Tax (IHT) receipts reached £5.7 billion through the first two-thirds of this financial year (April
PIC completes first Mosaic buyin with GCB Pension Fund
Pension Insurance Corporation plc (“PIC”) has concluded its first full scheme buy-in within Mosaic, PIC’s streamlined service for pension schemes with
Airways Pension Scheme complete longevity hedge with MetLife
The Trustees of the Airways Pension Scheme (“the Scheme”), Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc., (“MetLife”) and Z

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.