The Co-op Group – the name behind Co-op Insurance – is finalising a pension risk transfer deal with Aviva, according to Sky News.
A report by the news network said Co-op is close to offloading about £1 billion worth of the mutual’s £8 billion PACE pension scheme to British insurance giant Aviva, which earlier this month was also cited as being in advanced talks with department store chain Debenhams for its executive pension plan.
One of the largest consumer co-operatives in the world, Co-op is not only a major general insurer but also the fifth biggest food retailer in the UK and the country’s leading funeral services provider. Its agreement with Aviva could be announced as early as today, revealed Sky News sources.
Meanwhile it was noted that Co-op is also securing a transaction with Pension Insurance Corporation for another £1 billion chunk of the abovementioned pension scheme.
