Aviva Life & Pensions UK has completed a £1.7bn annuity buy-in transaction with the Aviva Staff Pension Scheme.

The de-risking deal will protect the defined benefit pension liabilities of around 4,300 deferred and 1,500 current pensioner Scheme members.

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It will also eliminate associated investment and longevity risks from the pension scheme.

In a statement, Aviva noted that there will be no impact on members and their benefits as a result of the deal.

Aviva Staff Pension Scheme chair of the trustee Brian Bussell said: “The Trustee is delighted to have entered into this first buy-in to help secure the benefits due to our members, working closely with our advisers and Aviva to do so.

“Combined with the existing longevity swap, this buy-in means that the Scheme has now hedged a material amount of longevity and investment risk.”

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Aviva CFO Jason Windsor said: “This transaction capitalises on Aviva’s expertise in the pension de-risking market and builds on the strong funding position of the Scheme.

“This is a result of the years of joint stewardship between Aviva and the Trustee in building the financial strength of the Scheme. We look forward to continuing this relationship as the fund enters this new de-risking phase.”

Notably, Aviva launched a dedicated website for group protection and health advisers earlier this month.