Aviva Clarity marks 100 deals …as insurer unveils fast-track route to accelerate buy-outs
Aviva today announced that over 100 pension schemes have successfully transacted through Aviva Clarity, the insurer’s streamlined solution for smaller schemes. The milestone demonstrates Aviva’s ongoing commitment to making buy-out transactions faster, simpler, and more accessible across the bulk purchase annuity (BPA) market.
Since its launch in 2024, Aviva Clarity has shown strong market adoption and scalability. Designed to remove some of the barriers faced by smaller schemes looking to access the insurance market, the service combines speed, accuracy and a simpler, fully documented process, enabling schemes to progress to buy-out quickly and with confidence. Of the 100 schemes that have transacted so far, 20 have already reached buy‑out stage, highlighting the growing appetite for rapid, well‑governed endgame solutions.
Building on this momentum, Aviva has introduced a new fast-track feature for 2026, designed to set the standard for efficiency and accessibility. Fast‑track allows schemes with the right degree of preparation to move from transaction through buy-in to buy-out at pace — significantly reducing overall processing times.
Trustees want certainty, simplicity and speed and the introduction of our fast‑track option shows our commitment to raising the bar on efficiency in the small‑scheme market. We’ve built a service that enables schemes to move to buy‑out with confidence and we’re already seeing the positive impact this is having for trustees and their members.Andrew Shaposhnikov, Senior BPA Deal Manager at Aviva
A key part of the new fast-track process is Aviva’s data validation template, which improves accuracy and provides trustees with an early view on scheme readiness, ensuring transactions progress smoothly throughout. Four schemes have already completed buy-outs using the fast-track option, with the insurer suggesting more schemes are already in the pipeline for early 2026.
Andrew Shaposhnikov, Senior BPA Deal Manager at Aviva, said: “Reaching 100 completed transactions is a milestone we’re incredibly proud of and testament to what Aviva Clarity was designed to achieve. Trustees want certainty, simplicity and speed and the introduction of our fast‑track option shows our commitment to raising the bar on efficiency in the small‑scheme market. We’ve built a service that enables schemes to move to buy‑out with confidence and we’re already seeing the positive impact this is having for trustees and their members. As the market evolves, Aviva will continue investing in innovation and process improvements to ensure we remain a trusted partner for schemes of all sizes.”
Trustees of schemes involved in a pilot of the new feature highlighted their experiences:
Nick Boyes, Director of Able Governance Ltd, Sole Trustee, The Finnair Oy Retirement Benefit Scheme, said: “Aviva’s fast-track process made the transition to buy-out straightforward and far quicker than we had anticipated, with the process taking just two months. Knowing our members will now receive long‑term security with Aviva is a hugely reassuring outcome.”
Adrian Lamb, Trustee Secretary, Blake Lapthorn Pension Fund, added: “Aviva Clarity, combined with the fast-track option, gave us peace of mind that we could move from buy-in to buy-out within six months and without unnecessary complexity. Their established relationship with the Fund, coupled with the clear structure of the Aviva Clarity proposition, meant we could proceed with confidence. The efficiency of the process has delivered a smooth experience for trustees, the employer and ultimately for our members.”
Andrew McKinnon, Chair of the Trustees, Watts Clift Holding Limited Retirement Benefits Scheme, said: “For a scheme of our size, having a solution that removed uncertainty and reduced administrative burden was invaluable. The fast‑track option gave us confidence that we could reach buy‑out efficiently. Ultimately, we achieved a de‑risked, cost‑effective outcome that puts our members on a strong footing for the future.”
Willis Towers Watson: UK pension schemes target full integration of climate risk by 2026
Pension schemes unanimously expect to have fully integrated climate risk into their decisions by 2026, according to new figures collected by Willis Towers Watson.
This follows a poll of conference participants, held during Willis Towers Watson’s recent Climate Summit and collating the views of 70 separate UK-based pension schemes.*
Half believe in an even faster timeline of less than a year. With 19% already doing so, 6% expecting to within six months and a considerable 25% expect that it will take between six and 12 months to integrate climate into their major business decisions.
Considering the mechanism and strategy for incorporating climate risk over time, timelines also vary for implementing a ‘carbon journey plan’.
One-in-six pension schemes (17%) have already put in place such a plan, with the majority (57%) of UK pension scheme representatives currently considering how to reduce climate risk using a carbon journey plan. Only a quarter (26%) have yet to begin creating such a strategy.
Asked how they plan to meet the governance challenge of climate risk management, nearly half (44%) of the schemes questioned felt that no single solution would be adequate, but a range of measures would be needed to fully tackle the issue. These include: greater delegation to sub-committees; greater delegation to external parties; and increased frequency and length of trustee meetings.
Considering market pricing and whether today’s asset prices reflect climate risks to the underlying assets involved, an overwhelming 96% responded that climate risk is only somewhat, or not at all, reflected in current market valuations.
Reflecting the scale of this information gap in understanding climate risks, the most common factor cited by pension scheme representatives as a challenge to their ability to assess and manage climate risks was a lack of data (43%). Trustees’ own knowledge was the second most common challenge (24%), followed by tools (13%), resources (9%) and expectations (8%).
Dave Aleppo, head of investment advisory services at Willis Towers Watson, comments: “While the task is huge, mindsets are shifting faster than I have ever seen. Climate is already a key metric of success for most pension schemes and with global assets representing around $100 trillion, the scale of resources that will be unleashed to tackle climate change and transform the world economy when climate is integrated into every decision will make a significant difference.”
“As a result, we’re already seeing a steady change in the culture of the entire investment industry that supports asset owners. When we work with pension funds to evaluate asset managers, not only do we ensure that they have climate and stewardship embedded in their investment processes, we also prefer those organisations who have genuinely accepted and embedded the fundamental culture shift that’s needed.”
Legal & General announces first global transaction – covering IHS Markit’s UK and US pension schemes
Legal & General today announced that it has simultaneously agreed two pension risk transfer (“PRT”) transactions with IHS Markit – one in the UK and another in the US.
The pension schemes covered are IHS (Global) Ltd. Pension and Life Assurance Scheme in the UK and IHS Retirement Income Plan in the US.
The UK transaction was for £37.8m ($46.7m), covering around 150 members, and the US transaction was for $97.2m (£78.4m), covering around 1,200 members.
Both transactions demonstrate the continued appetite for PRT in the UK and US. Legal & General today confirmed that it had completed seventeen bulk annuity transactions in the UK and US as at 30 April 2020, securing a total of £1.4bn ($1.7bn) of pensioner and deferred members’ benefits, including today’s announced transactions. This builds on the recently announced 2019 results published by Legal & General Group: £10.3bn of UK PRT transactions in 2019 and $1.1bn of PRT business in the US for 2019.
“We are delighted to have been able to work with IHS Markit and the Trustees to agree an exciting first for our team – a globally coordinated transaction to simultaneously insure pension liabilities in both the UK and the US. Legal & General is uniquely placed to offer global market-leading pension risk transfer services. This announcement demonstrates our ability to work seamlessly across both markets at the same time.”
Laura Mason
CEO, Legal & General Retirement Institutional