Aviva pension scheme completes 1.7 billion pounds de-risking deal

FILE PHOTO: An Aviva logo sits on the window of the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/File Photo - Copyright Simon Dawson(Reuters)

By Reuters

Published on 24/10/2019 - 10:34•Updated 24/04/2024 - 22:30

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LONDON (Reuters) - The Aviva Staff Pension Scheme has completed a 1.7 billion pounds ($2.19 billion) de-risking deal with Aviva Life & Pensions <AV.L>, covering around 5,800 members, the company said on Thursday.

The so-called 'buy-in' deal will help protect the defined benefit, or final salary, payments of around 4,300 workers and 1,500 pensioners by insuring against the risk of investment returns falling or people living longer than expected.

($1 = 0.7756 pounds)

(Reporting by Simon Jessop, Editing by Sinead Cruise)

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