Aviva Launches Aviva Clarity to Support Small Scheme De-Risking

Aviva Launches Aviva Clarity to Support Small Scheme De-Risking

(IN BRIEF) Aviva has introduced Aviva Clarity, a streamlined Bulk Purchase Annuity (BPA) service aimed at facilitating market access for smaller pension schemes with assets typically under £100 million. This service underscores Aviva’s commitment to aiding schemes in their de-risking endeavors by offering an efficient and robust process that enables well-prepared schemes to secure attractive pricing in the bustling BPA marketplace. The launch of Aviva Clarity follows a successful pilot phase and signals Aviva’s dedication to supporting schemes across all market segments, particularly those traditionally underserved in the BPA sector. Testimonials from industry professionals highlight the positive impact of Aviva Clarity in expediting transactions and streamlining the onboarding process for the benefit of clients.

(PRESS RELEASE) LONDON, 11-Apr-2024 — /EuropaWire/ — Aviva has announced the launch of Aviva Clarity – a streamlined Bulk Purchase Annuity (BPA) service that supports market access for smaller schemes, typically with assets of less than £100 million.

Aviva has scaled up its capability in recent years by investing in technology and resources to support schemes across all market segments, including the increasingly active sub-£100 million scheme sector of the market. The service reinforces Aviva’s commitment to supporting schemes with their de-risking ambitions, by providing an efficient and robust process that enables well-prepared schemes to secure attractive pricing in a busy BPA marketplace.

Jamie Cole, Head of BPA Origination at Aviva, said: “Aviva has a strong track record of supporting schemes of all sizes with their de-risking ambitions. Today’s exceptional market has sharpened the focus on supporting market access and Aviva Clarity will play a key role in our continued support for smaller well-prepared schemes”.

The launch follows a successful pilot phase which began in 2023 and has now seen more than 20 schemes transact through the service.

Chris Rice, Head of Trustee Services at Broadstone, said: “It is great news that Aviva recognise the importance of serving schemes below £100m in deal size. Our experience of using Aviva Clarity has been that the speed at which we transacted on terms attractive to all parties was gratefully received, without the need for any compromises on what could be insured. We look forward to completing further transactions this way to streamline the onboarding process for the benefit of our clients”.

James Double, Head of Trusteeship at Vidett and Chair of Trustees of the Morrison CARE Pension Scheme, said: “With the streamlined process offered by Aviva, and excellent support from PwC, we were able to complete this transaction smoothly and earlier than initially anticipated. This shows that, despite the constantly changing BPA market, there are still plenty of opportunities for schemes of this size, if they are well prepared.”

Notes to editors:

• We are the UK’s leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
• We help our 19.2 million (as at 31 December 2023) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
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Media Contact:

Shelley Kernaghan
Retirement and Annuities
Phone: +44 (0) 7800 692 266
Email: shelley.kernaghan@aviva.com

SOURCE: AVIVA