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.”