Aviva Life & Pensions UK Ltd today announces it has completed a £160m bulk purchase annuity buy-in transaction with the trustees of the Church Workers Pension Fund. Aviva will insure the defined benefit pensioner liabilities for 2,400 members, removing the investment and longevity risk of these members from the Scheme. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction. The Scheme Trustee was independently advised throughout the process by LCP.
In selecting an insurer, the Trustee placed a strong emphasis on Environmental, Social, and Governance (ESG) considerations and robust investment processes. Aviva demonstrated thorough integration of sustainability criteria when deciding where to invest capital. Another key theme is active engagement - something both parties see as a key element of stewardship. Aviva has an extensive track record of using our position to encourage the companies we invest in to take a longer-term view and consider the impact of their business decisions.
Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva plc, said: “We’re delighted that the Trustee of the Church Workers Pension Fund selected Aviva to secure member benefits. This has been a very smooth process run by a well prepared and well-advised scheme. The Trustees put ESG and responsible investing at the heart of their decision making and so we are proud to be working with the Church of England Pensions Board, given that this is a key pillar of Aviva’s purpose.”
The Trustees put ESG and responsible investing at the heart of their decision making and so we are proud to be working with the Church of England Pensions Board, given that this is a key pillar of Aviva’s purpose.
Clive Mather, Chair of the Church of England Pensions Board, said: “The ‘buy-in’ is good news for employers, members and the Pensions Board in reducing risk for all of us, and helping to secure the pensions of those who have given so much to the Church. This transaction is made possible by excellent returns on investments in recent years, and the continued support of the employers. I am delighted we have secured this agreement with Aviva, a long-standing pension provider and responsible investor.”
Zelda Bentham, Group Head of Sustainability at Aviva plc, said, “The Trustees of the Church Workers Pension Fund are recognised leaders in the considerations of ESG investment factors. So naturally we are extremely proud to be working with them to deliver long-term sustainable investment outcomes for our customers.
David Salter, Partner at Lane Clark & Peacock LLP added: “We are delighted to have been able to help the Pension Board in securing this buy-in with Aviva. Insuring all pensioner members within the Defined Benefit Section represents an important step in providing additional security to members of the Fund. This transaction shows the increased focus from pension schemes on ESG issues as part of buy-in transactions which we welcome as an important development.”
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Daniel Skipp
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Notes to editors:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 20.5 million (as at 31 December 2024) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we'll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being 'with you today, for a better tomorrow'. In 2024, we paid £29.3 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva's operations and influence over our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global system. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at www.aviva.com/sustainability/climate and our sustainability ambition and action at www.aviva.com/sustainability.
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 31 December 2024, total Group assets under management at Aviva Group were £407 billion and our estimated Solvency II shareholder capital surplus as at 31 December 2024 was £7.9 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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