Pension Protection Fund, London, selected Aviva to provide a defined contribution solution for the plans under its care that have hybrid arrangements.
The PPF is the lifeboat plan for the pension funds of insolvent U.K. companies. However, some have both a defined benefit and DC element to them — known as hybrid plans, according to an Aviva news release.
The DC part of these plans will now be run under the Aviva Master Trust as the chosen PPF partner. However, DC trustees also have access to the wider market if they wish to use a different provider, the release added.
"We're pleased to have been chosen by the PPF as their trusted DC pension provider," said Emma Douglas, director of workplace savings and retirement at Aviva, in the release. "It's important that members' benefits are moved swiftly and efficiently to give savers certainty as to the payment of their pension benefits."
Aviva Master Trust had more than £9 billion ($11 billion) in assets, covering more than 460,000 participants, as of Sept. 30.
The PPF has been contacted for comment.