On the go: The £3.7bn Church of England Pensions Board has agreed a £160mn bulk purchase annuity buy-in with insurer Aviva Life & Pensions UK for its circa £646.1mn Church Workers Pension Fund defined benefit scheme.
According to an announcement on the Church of England Pensions Board’s website, Aviva will insure the DB pensioner liabilities for 2,400 members, removing the investment and longevity risk of these scheme members.
The transaction was made possible due to strong investment performance since 2019. LCP advised the CWPF on the deal.
Clive Mather, chair of the Church of England Pensions Board, said: “The buy-in is good news for employers, members and the pensions board in reducing risk for all of us, and helping to secure the pensions of those who have given so much to the church.
“This transaction is made possible by excellent returns on investments in recent years, and the continued support of the employers. I am delighted we have secured this agreement with Aviva,” he continued.
All pensioners in the DB section of the CWPF for members who retired before August 13 2021 are now insured through this buy-in or through a buy-in with Prudential completed in 2013.
LCP, Linklaters, Mercer and Cardano advised the trustee throughout the transaction.
This article first appeared on MandateWire.com
