Latham & Watkins advised Aviva Life & Pensions UK Ltd on the completion of a £875 million bulk annuity buy-in transaction with the Aviva Staff Pension Scheme. This is the second deal with the Scheme, having announced a £1.7 billion transaction in October last year.
Aviva will insure the defined benefit pension liabilities of 2,868 members, removing the investment and longevity risk of these members from the Scheme. Members will experience no change in the amount of benefits they receive or the way in which they are paid as a result of the deal.
The Latham team was led by London corporate partner Victoria Sander.
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