Church of England Pensions Board, London, completed a £145 million ($190 million) buy-in for its Church Workers Pension Fund with Aviva.
The defined benefit fund is one of three retirement plans within the CWPF, and the latest deal means all sections of the DB fund are now backed by insurance policies, a news release said.
The Church of England Pensions Board, which is responsible for a total £3.3 billion in assets across a number of plans, paid a £145 million premium to Aviva in return for an income stream that exactly matches benefits that need to be paid to retirees and future retirees. It marks the third and final pension risk transfer for the CWPF, which completed a £160 million deal with Aviva in 2022, and a £100 million agreement with Prudential U.K. in 2014.