British insurance giant Aviva has completed its largest annuity deal worth £600m with the Pearson Pension Plan.
The pensioner buy-in transaction insures liabilities of approximately 2,400 customers. Aviva already offers services like corporate pensions, protection and health insurance for Pearson.
The transaction will not result in the change in the benefits offered to members or the methods in which customers are rewarded, Aviva said.
Commenting on the deal, Aviva UK Insurance CEO Andy Briggs said: “We’re delighted that the Trustee for The Pearson Pension Plan has chosen us to insure the pension benefits of its Plan members. This deal not only demonstrates our significantly increased ambitions in the bulk annuity market but also Aviva’s unique capabilities in being able to meet a broad range of needs for our clients, whether it’s pensions, general insurance, health, protection or asset management.
“We’re continuing to see very strong demand for bulk annuity deals as more and more trustees look to find the right solution to manage their defined benefit pension schemes. With the recent expansion of our bulk annuity team, we’re in great shape to push ahead for further growth.”