Aviva has completed five full buy-ins for small defined benefit (DB) pension schemes, working with Broadstone on a pilot programme focused on schemes with premiums below £10m.

The transactions, completed over the summer of 2025, insured the benefits of 177 members across five schemes, with a total of £21.7m in premiums transacted.

The pilot combined Broadstone’s SM&RT Insure process with Aviva’s Clarity proposition, testing the insurer’s approach to very small schemes.

The deals were a £5.3m buy-in for a Scottish sawmilling company, a £4.4m transaction for a West Midlands heavy manufacturer, a £3.4m buy-in for an East Midlands religious organisation, a £5m transaction for the UK arm of a US-owned customer experience business, and a £3.6m buy-in for an independent special educational needs school in the North West.

Broadstone said it worked closely with Aviva to identify a select group of well-prepared schemes that were concerned about the accessibility of bulk annuity transactions in the current market.

Each scheme received a guaranteed quotation within agreed affordability parameters, enabling them to secure full-scheme buy-ins.

Broadstone head of trustee services, Christopher Rice, noted that the firm was encouraged by Aviva’s intention to increase the number of deals it completes for schemes with premiums below £10m, adding that greater competition in this part of the market would benefit trustees, members, and sponsors.

Aviva senior deal manager, Andy Morley, stressed that the insurer’s Clarity proposition offered a simple, effective process for smaller schemes, and that strong preparation by trustees and advisers had enabled fast, efficient de-risking outcomes.

Aretas Trustees sole trustee, Tom Stockley, said that insurer market access remained challenging for very small schemes, but described the transaction as efficient and as delivering greater certainty.

Pi Pension Trustees sole trustee, Lynn Pointon, added that the transaction achieved a "strong outcome" for the trustee, members, and employer, highlighting the role of Broadstone’s SM&RT Insure process in enabling a smooth, timely completion.

---