Aviva today announces it has completed a £320m bulk purchase annuity transaction with the John Laing Pension Fund. John Laing is an active investor and manager of infrastructure projects, focused on major transport, social and environmental infrastructure projects and renewable energy projects, across a range of international markets including the UK.

This is the second buy-in transaction between Aviva and the John Laing Pension Fund. It follows a £211 million transaction in December 2008. Aviva will insure the defined benefit pension liabilities for 1,850 current pensioners, taking responsibility for the investment and longevity risk of these members from the Fund. Members 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 process to select an insurer and negotiate terms was led by Willis Towers Watson. The trustee received legal advice from Linklaters, whilst Aviva received guidance from Eversheds Sutherland.

Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said: ‘We’re delighted to have again been able to help the Trustees provide greater security for their members. Thanks to the experienced and well-prepared teams on all sides we were able to complete a smooth and efficient transaction. We continue to see strong demand from schemes, and we’re committed to helping schemes of all sizes with their de-risking plans.

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