Defined Benefit Solutions

We’re one of the UK’s largest insurers, and a leading provider of flexible solutions for UK Defined Benefit pension plans

What we offer

Whether it’s insuring a subset of members or starting the journey towards a full buy-out, we have the flexibility and expertise to help.


When it comes to de-risking, all pension plans have their own unique requirements. We create tailored buy-in solutions to suit trustees and sponsoring employers, providing long-term security for their members.

What’s a buy-in?

  • An insurance policy held by the trustees of a pension plan to protect against investment, inflation and longevity risks

  • With a buy-in, we make regular payments into the plan to meet monthly pensioner payroll requirements

  • The relationship between the pension plan and its members stays the same: the plan continues to pay the benefits, while we have no direct, visible relationship with members

  • A buy-in is an asset to back the insured liabilities and is often the first step in a longer-term de-risking strategy


Trustees who are looking to achieve a final settlement of all liabilities in a pension plan will typically undertake a buy-out solution. In this case, we will be responsible for all plan liabilities and for dealing with members directly.

What’s a buy-out?

  • An insurance policy bought by trustees that typically covers an entire pension plan’s liabilities

  • With a buy-out, we take on full responsibility for the pension plan, thus removing any associated risks and liabilities from the sponsoring employer’s balance sheet once and for all

  • After completion, we issue individual policies to members and become responsible for the pensioner payroll and member administration

  • Typically, the scheme will have no remaining liabilities and can be wound up

Why choose us?

Our specialist team develops bespoke solutions that efficiently de-risk pension plans and provide certainty for their members. Combining exceptional financial strength, best-in-class member care and more than 10 years’ experience, we help trustees secure their long-term objectives.

Financial security

Financial security

Highly rated by all the major agencies for financial strength, we’re a global composite insurer that’s able to diversify risk across multiple product types and markets. We’re also the only active UK bulk annuity provider with Global Systemically Important Insurer status.

Robust implementation

Robust implementation

We see de-risking as a service rather than a product, which means we put trustees and their members at the heart of what we do. For each pension plan, we use dedicated in-house teams to deliver a smooth implementation and transition.

Proven track record

Proven track record

We have more than 10 years’ experience in the bulk annuities market and have successfully completed over 400 solutions for a wide range of pension plans with specific requirements.

Capital and asset management

Our strong Solvency II Coverage Ratio (SCR) is almost double the regulatory requirement.* Combined with our proactive, long-term approach to asset and capital management, we’re strong today, tomorrow and beyond.

(*Aviva Interim result 2018)

First-class member care

First-class member care

Members’ needs are always at the forefront of our mind. When a member contacts us, they’ll always deal with a defined benefit expert who will take the time to provide the highest levels of help and support.



Our experienced deal management teams work closely with trustees and advisers to gain an in-depth understanding of their requirements. This ensures we can tailor bespoke solutions that truly match the needs of trustees.

Case studies


The Pearson Pension Plan

Sea Containers

Sea Containers Pension Scheme

Meet the team

Contact us

Want to find out more? We’re happy to help. Here’s how you can get in touch:

0800 051 3680

Monday to Friday: 9.00am - 5.00pm

Weekends and Bank Holidays: Closed

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