Aviva has launched a new solution within the Aviva Master Trust that enables Defined Benefit (DB) pension scheme trustees and employers to transfer surplus funds into Defined Contribution (DC) arrangements, subject to individual scheme rules.
Our new solution helps trustees and employers, supported by their advisers, to deliver better outcomes for members in a tax efficient way - demonstrating how the Aviva Master Trust continues to evolve to meet the changing pensions landscape.
Where trustees have a plan to secure member DB benefits, unlocking surplus can deliver significant benefits, helping schemes progress towards wind-up, giving employers tax-efficient access to capital, and enhancing DC benefits for members – supporting stronger retirement outcomes and future financial security. The flexible solution, which offers a secure and compliant way to deploy surplus capital, is available to new and existing clients whose DB schemes are in surplus.
With the legislation following the Pension Schemes Bill on the horizon, surplus transfers could become a realistic option for some schemes earlier than expected.
Geoff Marchment, Head of Master Trust Development at Aviva, said: “Unlocking DB surplus can benefit employers, trustees and DC scheme members. Our new solution helps trustees and employers, supported by their advisers, to deliver better outcomes for members in a tax efficient way - demonstrating how the Aviva Master Trust continues to evolve to meet the changing pensions landscape.”
John Smitherman-Cairns, Commercial Director of Bulk Purchase Annuities at Aviva, added: “Where trustees have secured the funding needed to guarantee the benefits of DB scheme members, either through buy-out, buy-in or run-on, this forward-thinking solution allows trustees to re-deploy surplus funding to support the retirement plans of DC members.”
Ends
Additional information:
- Aviva provides comprehensive support throughout the surplus transfer process, bringing together a dedicated team of specialists who will work closely with clients and their advisers. This new capability builds on Aviva’s established Master Trust expertise and complements our wider range of workplace pension solutions designed to help trustees and employers achieve their long-term objectives.
- The Aviva Master Trust manages over £17bn in assets for its 580,000 UK workers.
Enquiries:
Shelley Kernaghan
Retirement and Annuities
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Phone
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+44 (0) 7800 692 266
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Email
Notes to editors:
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