Operating in 16 different countries across three continents, and with £289 billion of assets under management, Aviva is an organisation of genuine substance and financial strength. Dealing with a company of this calibre offers considerable benefits...
The advantages of dealing with Aviva for Bulk Purchase Annuities
It’s worth taking a brief look at Aviva’s structure to understand how we can offer you greater confidence when you’re de-risking a defined benefit pension scheme.
All of our annuity business in the UK sits with Aviva Life & Pensions UK Limited. This includes both individual annuities and bulk purchase annuities. Overall the company has over £36bn of assets.
Because Aviva Life & Pensions UK Limited is independently regulated, there’s a requirement for it to hold enough capital to meet all the annuity payments due, plus an additional solvency margin.
Being part of the Aviva group also provides an additional benefit:
- Across the UK, Aviva has various product lines from life and home insurance to personal pensions and health cover. This means many scheme members may have an Aviva policy - and if not they'll almost certainly be aware of the brand.
At its most fundamental level, Aviva is a large, global insurer covering life, general insurance and investment services. Risk and capital expenditure appetites are set and balanced at a global level.
- We’re retirement solutions specialists – a market leading provider of individual annuities. Aviva paid out over £1.9bn in 2015, including around £250m in bulk purchase annuity payments.
- Aviva offers tailored solutions to suit all types of schemes, from under £1m to over £500m.
- We now write in Jersey, Guernsey and the Isle of Man, as well as the rest of the UK.
- Aviva has been operating in the bulk purchase annuity market since 2006.
- We’ve de-risked over 380 schemes, totalling more than £5bn of liabilities.
- Scheme range from 1 to 4,000+ members.