Aviva has today announced the launch of Aviva Clarity - a streamlined Bulk Purchase Annuity (BPA) service that supports market access for smaller schemes, typically with assets of less than £100 million.

Aviva has scaled up its capability in recent years by investing in technology and resources to support schemes across all market segments, including the increasingly active sub-£100 million scheme sector of the market. The service reinforces Aviva's commitment to supporting schemes with their de-risking ambitions, by providing an efficient and robust process that enables well-prepared schemes to secure attractive pricing in a busy BPA marketplace.

Today's exceptional market has sharpened the focus on supporting market access and Aviva Clarity will play a key role in our continued support for smaller well-prepared schemes.

Jamie Cole, Head of BPA Origination at Aviva

Jamie Cole, Head of BPA Origination at Aviva, said: "Aviva has a strong track record of supporting schemes of all sizes with their de-risking ambitions. Today's exceptional market has sharpened the focus on supporting market access and Aviva Clarity will play a key role in our continued support for smaller well-prepared schemes".

The launch follows a successful pilot phase which began in 2023 and has now seen more than 20 schemes transact through the service.

Chris Rice, Head of Trustee Services at Broadstone,said: "It is great news that Aviva recognise the importance of serving schemes below £100m in deal size. Our experience of using Aviva Clarity has been that the speed at which we transacted on terms attractive to all parties was gratefully received, without the need for any compromises on what could be insured. We look forward to completing further transactions this way to streamline the onboarding process for the benefit of our clients".

James Double, Head of Trusteeship at Vidett and Chair of Trustees of the Morrison CARE Pension Scheme,said: "With the streamlined process offered by Aviva, and excellent support from PwC, we were able to complete this transaction smoothly and earlier than initially anticipated. This shows that, despite the constantly changing BPA market, there are still plenty of opportunities for schemes of this size, if they are well prepared."

-Ends-

Enquiries:

Shelley Kernaghan

Retirement and Annuities

  • Phone

    • +44 (0) 7800 692 266

  • Email

    • shelley.kernaghan@aviva.com

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Aviva plc published this content on 10 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 April 2024 08:20:02 UTC.