Aviva has completed a £26m ($35.7m) bulk purchase annuity buy-in transaction with the Trustees of the Association of British Insurers Pension & Assurance scheme.
The British insurer will insure the defined benefit pensioner liabilities for 191 members, removing the investment and longevity risk from the scheme.
This is the second transaction between the two, following a £10m transaction completed in 2017.
“Despite ongoing uncertainty, we continue to see pension schemes concentrating on de-risking activity and we are looking forward to seeing more transactions throughout the year,” Deborah McWhinney, risk transfer principal at Mercer, one of the negotiators, said.