Aviva has today announced the completion of a £130 million bulk purchase annuity full scheme buy-in with the Trustee of the Telereal Pension Plan1 (“Plan”). The plan is sponsored by Telereal Services Limited.
Aviva will insure the defined benefit liabilities for around 500 members, removing the investment and longevity risk. Members will see no change in their benefit entitlement as a result of the transaction.
Sean Rooney, BPA Senior Deal Manager at Aviva said: “We’re delighted the Trustee selected Aviva to secure member benefits, and we’ll continue to work closely with them to ensure a smooth transition. The process was well managed and completed quickly, thanks to all parties collaborating to reach a successful outcome. We look forward to welcoming Telereal members as Aviva customers in due course.”
Carl Clissold Chair of Trustees of the Telereal Pension Plan, said: “The Trustees are delighted to have reached this significant milestone for the Members and would like to thank all parties, including the Plan’s sponsor Telereal Services Limited, who have all collaborated in closing this transaction within a short timescale. Our work will continue as we prepare the Schemes for buy-out with a smooth transition and the delivery of Member benefits.”
Joe Hathaway, Associate Partner at Aon, said: “Achieving attractive terms for the Trustees was contingent on a quick execution and relied on all parties working extremely hard over just a few weeks. The straightforward execution offered by Aon’s Pathway service – which is specifically designed for schemes of this size – was vital in allowing us to move quickly.”
-Ends-
References:
1. Deal completed 18 December 2023
Media enquiries:
Shelley Kernaghan
Retirement and Annuities
-
Phone
-
+44 (0) 7800 692 266
-
-
Email
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 19.6 million (as at 31 August 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 2023, we paid £25.6 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. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on 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 ecosystem. There are also limits to our ability to influence other organisations and governments. 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 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 30 June 2024, total Group assets under management at Aviva Group were £398 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2024 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
- The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.
- You can follow us on:
- X: www.x.com/avivaplc
- LinkedIn: www.linkedin.com/company/aviva-plc
- Instagram: www.instagram.com/avivaplc
- For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva
