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 Annuity UK Limited. This includes both individual annuities and bulk purchase annuities. Overall the company has over £36bn of assets.
Because Aviva Annuity 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 additional benefits:
- The annuity company is a wholly owned subsidiary of Aviva Life and Pensions, which can provide additional capital if required.
- 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.