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Aviva pension scheme closes £1.7B bulk annuity buy-in

Aviva Life & Pensions UK Ltd. closed a £1.7 billion bulk annuity buy-in transaction with the Aviva Staff Pension Scheme.

Aviva will insure the defined benefit pension liabilities of approximately 4,300 deferred and 1,500 current pensioner scheme members. The transaction is part of a long-term plan to de-risk the scheme, according to a statement.

The scheme trustee received advice from Hymans Robertson, Linklaters and Redington.