Marvin OnumonuAviva has launched a new solution in the Aviva Master Trust, allowing defined benefit (DB) pension scheme trustees and employers to move surplus funds into defined contribution (DC) arrangements, depending on individual scheme rules.
The solution is available to both new and existing clients with DB schemes in surplus.
Geoff Marchment (pictured), head of master trust development at Aviva, said: “Unlocking DB surplus can benefit employers, trustees and DC scheme members.
“Our new solution helps trustees and employers, supported by their advisers, to deliver better outcomes for members in a tax efficient way – demonstrating how the Aviva Master Trust continues to evolve to meet the changing pensions landscape.”
John Smitherman-Cairns, commercial director of bulk purchase annuities (BPA) at Aviva, said: “Where trustees have secured the funding needed to guarantee the benefits of DB scheme members, either through buy-out, buy-in or run-on, this forward-thinking solution allows trustees to re-deploy surplus funding to support the retirement plans of DC members.”
