Investment - Articles - Aviva announces 53m bulk annuity deal with General Motors


Aviva have announced it has completed a £53 million bulk purchase annuity transaction with the General Motors (VACPF)* Pension Fund. The sponsoring employer, General Motors Company, is a global vehicle manufacturer.

  

 Aviva will insure the defined benefit pension liabilities of 1,392 members, removing the investment and longevity risk of these members from the Fund. The members will see no change in the amount of benefits which they are paid as a result of the transaction.

 The process to select an insurer and negotiate terms was led by Aon using its Pathway service. The trustee of the scheme received legal services from Eversheds Sutherland (International) LLP and CMS Cameron McKenna Nabarro Olswang LLP.

 Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: “We’ve worked closely with the Trustees of the General Motors Pension Fund to complete this transaction. Aviva’s robust capital position and experience were important considerations for the Trustees when selecting an insurer to secure member benefits.”

 Rob Assinder, Chair of the Trustee of General Motors (VACPF) Pension Fund, said: “Insuring our members' benefits with Aviva provides them with long term security and was made possible through a collaborative period of intensive preparation led by Aon, with legal advice from CMS and Eversheds Sutherland.”

 Michael Walker, Principal Consultant, Aon Solutions UK Limited, said: “This transaction with the General Motors (VACPF) Pension Fund was able to complete rapidly, capturing favourable pricing, due to the enhanced level of preparation completed between Aon and the in-house pensions team and by using Aon's Pathway service which is specifically designed for schemes of this size
  

Back to Index


Similar News to this Story

FCA closes 1600 websites as it fights financial crime
The FCA’s annual report sets out how it has used data and technology to crack down on harm in financial services. Over 1,600 websites suspected of pro
Fresh tariffs threats knock sentiment
The US President has ratcheted up his threats against Canada promising duties of 35% on imports. The UK economy contracted in May by 0.1%, with a drop
Nvidia hits USD4tn as the boy crying tariffs warbles on
The FTSE 100 tip-toed higher again with another nudge towards the record it set last month says AJ Bell Head of Financial Analysis Danni Hewson.

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.