Aviva has launched a streamlined bulk purchase annuity (BPA) service designed specifically to support market access for smaller schemes, typically with assets of less than £100m.

The launch follows a "successful" pilot phase that began in 2023 and has now seen more than 20 schemes transact through the service, Aviva Clarity.

The new service aims to reinforce Aviva's commitment to supporting schemes with their de-risking ambitions, by providing an efficient and robust process that enables well-prepared schemes to secure attractive pricing in a busy BPA marketplace.

Commenting on the launch, Aviva head of BPA origination, Jamie Cole, said: “Aviva has a strong track record of supporting schemes of all sizes with their de-risking ambitions.

"Today’s exceptional market has sharpened the focus on supporting market access and Aviva Clarity will play a key role in our continued support for smaller well-prepared schemes”.

Adding to this, Broadstone head of trustee services, Chris Rice, said: “It is great news that Aviva recognise the importance of serving schemes below £100m in deal size.

"Our experience of using Aviva Clarity has been that the speed at which we transacted on terms attractive to all parties was gratefully received, without the need for any compromises on what could be insured. We look forward to completing further transactions this way to streamline the onboarding process for the benefit of our clients”.

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