Aviva Staff Pension Scheme, London, insured £875 million ($1.2 billion) in liabilities through a buy-in with Aviva, according a spokeswoman at Hymans Robertson, the consultant advising on the deal.
In its second buy-in with insurance company Aviva, the plan for employees of the firm insured the liabilities of about 2,800 participants.
The number of participants now insured in the plan is over 27,000. The pension fund completed a £1.7 billion buy-in with Aviva in 2019 and a £5 billion longevity swap with Munich Re, SCOR and Swiss Re in 2014.
The £14.6 billion plan's trustees were also advised by law firm Linklaters.
"The trustee is delighted to have entered into this second buy-in with Aviva to continue to take steps to help secure the benefits due to our members. In addition to the existing longevity swap and buy-in, this recent buy-in helps to further reduce the amount of longevity and investment risk within the scheme," Brian Bussell, chairman of the trustee, said in the release.