Aviva today announces it has completed a £95million bulk purchase annuity transaction with LawDeb Pension Trustees, Sole Corporate Trustee of the British Bankers’ Association Pension Scheme (BBA).
Aviva will insure the defined benefit pension liabilities of all 213 members, removing the investment and longevity risk of these members from the Scheme. 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 LCP on behalf of LawDeb Pension Trustees as Sole Corporate Trustee, with Gowling providing legal advice on the transaction. The Scheme was also advised by Barnett Waddingham and Womble Bond Dickinson.
Jamie Cole, Head of Bulk Purchase Annuity Origination at Aviva, said:
"We’ve worked closely with LCP to deliver this transaction using their streamlined process. This once again demonstrates that smaller schemes can access attractive pricing when they are well prepared and supported by an efficient process, even against the backdrop of recent market volatility."
Henrietta Royle, Chief Executive of the BBA, commented: “The long-term security of our pension scheme is extremely important, especially during current times of uncertainty. This successful transaction with Aviva provides that security and is great news for the organisation and our scheme members.”
Sean Burnard, Trustee Director of LawDeb Pension Trustees and Sole Corporate Trustee of the Scheme, said: “We firmly believe this full buy-in represents excellent value in context of a more secure future for BBA’s pension scheme members. When you consider the challenging times we have found ourselves in, unprecedented in fact, we are very pleased to have been able to successfully transact accordingly. This is testament to extensive stakeholder management and a real lesson in positive collaboration between all the parties involved.”
Sam Jenkins, Partner at LCP, said: “The British Bankers’ Association and Scheme navigated unprecedented market volatility to reach a successful transaction that provides long-term certainty for their members. Aviva worked closely with us and the Scheme to make the transaction a success. LCP’s streamlined process gave BBA and the Scheme certainty on costs and timings for the full buy-in and better access to the insurance market.”
-ENDS-
Media Enquiries
Katy Hurren
Retirement
-
Phone
-
+44 (0) 7800 692 548
-
-
Email
-
Other
Notes to editors:
- We are the UK's only diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 25.3 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 2025, we paid £31.9 billion in claims and benefits to our customers.
- Aviva is a Living Wage, Living Pension 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 www.aviva.com/about-us/our-people/
- As at 30 June 2026, total Group assets under management at Aviva Group were £479 billion and our estimated Solvency II shareholder capital surplus was £6.8 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
- The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.
- You can follow us on:
- X: www.x.com/avivaplc
- LinkedIn: www.linkedin.com/company/aviva-plc
- Instagram: www.instagram.com/avivaplc/
- For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/aviva
