Aviva agrees £4.4bn bulk annuity deal with British Steel Pension Scheme
Aviva today announced it has agreed a £4.4bn bulk annuity deal with the British Steel Pension Scheme, adding to a series of large risk transfer transactions for the scheme in recent years. Pension Insurance Corporation completed a £2.0bn full buy-out with the Old British Steel Pension Scheme in October 2020, covering liabilities from the original scheme.
Legal & General followed with a £7.5bn full buy-in for the British Steel Pension Scheme in May 2023, executed across four separate transactions.
Aviva has been building its presence in the large-scheme segment, completing three transactions over £1bn in 2024, including a £1.7bn pensioner buy-in with the National Grid Electricity Group, which it described as its largest external transaction to date.
