Bulk purchase annuities

De-risk your defined benefit scheme with confidence

Transfer the management of your scheme to Aviva with buy-in or buy-out solutions
There’s no one size fits all – our tailored approach works for large or small schemes
Governed by our experts, you and your members are in safe and capable hands

What is a bulk purchase annuity?

It’s a way to remove some of the risks associated with defined benefit pension schemes by transferring the management of some or all of the scheme to an insurance company. We offer buy-in and buy-out de-risking solutions that are designed carefully to protect against things like investment underperformance, interest rate charges and inflation.

Our bulk purchase annuities suit larger companies with more complex benefit structures. Aviva Clarity is our solution aimed at smaller schemes, with scheme liabilities up to £100m.

Find out more about Aviva Clarity Go to Aviva Clarity page

In capable hands

We’re highly experienced in the bulk purchase annuities (BPA) market, with almost 900 transactions already completed. And with our robust and efficient processes, you’ll benefit from a smooth-sailing process from start to finish.

Financial strengh

You can rely on our meticulous approach to sourcing assets, matching cashflows for years to come. Our financial strength is rated at the stronger end of the scale with ratings of AA- Stable (S&P and Fitch) and Aa3 Stable (Moody’s).

Sustainable investments

This is a non-negotiable part of our business. Our dedicated fund manager, Aviva Investors, was ranked fith out of 76 of the world’s largest asset managers across responsible investment themes by ShareAction in 2025.

De-risking solutions to suit every kind of business

Buy-in

Designed to help trustees and sponsoring employers provide long-term security, for some or all scheme members.
Protection from investment, inflation and longevity risks. We make regular payments into the plan to help meet monthly pensioner payroll requirements.
The relationship between the plan and its members stays the same – the plan continues to pay the benefits, and we have no direct relationship with members.

Buy-out

This solution is there to fully and permanently settle pension liabilities. Trustees can usually wind up the old pension scheme.
Aviva takes on responsibility for all known liabilities, removing the associated risks from trustees and sponsoring employers.
Scheme members get individual Aviva policies, meaning we take on the pensioner payroll and member administration.

Why choose a bulk purchase annuity with Aviva?

Alongside our years of experience and specialist expertise in the BPA market, here’s how we could be the right choice for you and your members.

A provider you can really trust

We’re trusted by many. We service over 1.2 million UK annuities and pay around £3.5bn of annuity benefits to members every year.

Solutions that understand you

Understanding our customers is what we do best. We listen to your objectives, obligations and risks to create solutions that are the perfect fit for you and your members.

A solution for years to come

With an estimated Solvency II ratio of 203% as of 31 December 2024, our meticulous approach to sourcing assets means our annuities provide reliable cashflow for years to come.

Changing things for the better

Shaping a better world is at the heart of everything we do. In fact, with £18 billion invested, we're one of the largest investors in UK infrastructure, helping build schools and health centres, and developing sustainable energy. So that whatever the world faces, we're ready for it in the UK.

What else do we offer with our bulk purchase annuities?

We’re committed to enhancing our solutions through future-proofed investments and in-depth expertise.

Our Defined Benefit and Contribution solutions

Our flexible DB&C solutions mean trustees can secure their member’s benefits so they can confidently plan for the future. With a range of options to choose from, we help you meet the needs of your members with ease.