Aviva Secures £120m Full Scheme Buy-in, Ensuring Member Benefits and Stabilizing NTL 1999 Pension Scheme Funding

Aviva Secures £120m Full Scheme Buy-in, Ensuring Member Benefits and Stabilizing NTL 1999 Pension Scheme Funding

(IN BRIEF) Aviva has successfully obtained a £120 million full scheme buy-in for the NTL 1999 Pension Scheme. This agreement allows Aviva to assume the defined benefit liabilities of approximately 650 members, mitigating the investment and longevity risks associated with these individuals. Members will experience no changes in their benefits or payment procedures as a result of the transaction. The tender process was led by XPS Pension Group on behalf of the Trustees, with legal advice provided by Eversheds Sutherland. The collaboration between all parties resulted in a seamless transaction, and Aviva is now focused on ensuring a smooth transition with the Trustees.

(PRESS RELEASE) LONDON, 21-Jul-2023 — /EuropaWire/ — Aviva will insure the defined benefit liabilities for around 650 members, removing the investment and longevity risk of these members from the Scheme.  Members, previously staff members of National Transcommunication Limited, will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

The tender process was led on behalf of the Trustees by XPS Pension Group, with Eversheds Sutherland providing legal advice.

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: “We are delighted that the Trustees of the scheme chose Aviva to secure member benefits.  All parties have collaborated to deliver a very smooth transaction.  Our focus now is to work closely with the Trustees to ensure the transition is managed as quickly and efficiently as possible.”

Ross Russell, Chair of Trustees at NTL 1999 Pension Scheme, said: “The Trustees are really pleased to have insured substantially all of our members’ benefits with Aviva. This transaction achieves maximum security for members’ benefits whilst stabilising the funding position of the Scheme.  We have been working towards this goal over a number of years and found it really beneficial to work closely and collaboratively with our advisers.  We are delighted with the outcome of the project.”

Ash Williams, Partner at XPS Pension Group, said: “We are delighted to have completed this transaction on behalf of the Trustees, which represents a culmination of years of strategic planning and preparation to get the Scheme ‘transaction ready’. As a result of this preparatory work, we were able to move really quickly when the market opportunity presented itself and managed to get strong engagement across the market, securing great terms for the Scheme’s members with Aviva.”

Notes to editors:

  • We are one of the UK’s leading Insurance, Wealth & Retirement businesses and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
  • We help our 18.7 million 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.
  • We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
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  • While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at www.aviva.com/sustainability/climate/
  • Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
  • As at 31 December 2022, total Group assets under management at Aviva Group were £352 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2023 was £7.7 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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Media Contact:

Steve Whitelock

Wealth and Retirement

Phone: +44 (0) 7800 691128

Email: steve.whitelock@aviva.com




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