Aviva has completed a £320m ($441m) annuity transaction with the John Laing Pension Fund and will be taking responsibility for the investment and longevity risk of the members from the fund.
This is the second buy-in transaction between Aviva and the John Laing Pension Fund, following a £211m transaction in December 2008.
The process to select an insurer to help de-risk the funds and negotiate terms was led by Willis Towers Watson.