Aviva has announced today it has been selected by the Pension Protection Fund (PPF) to provide a defined contribution (DC) solution for its hybrid schemes.
The PPF protects 9.6 million members of eligible defined benefit (DB) pension schemes in case of employer insolvency. However, some pension schemes – known as hybrid schemes – have both a DB and DC element to them.
The members’ DC pension benefits within these hybrid schemes will now be protected by the Aviva Master Trust.
Emma Douglas, Director of Workplace Savings and Retirement at Aviva said: “We’re pleased to have been chosen by the PPF as their trusted DC pension provider. It’s important that members’ benefits are moved swiftly and efficiently to give savers certainty as to the payment of their pension benefits. This new partnership demonstrates our commitment to innovating for workplace pension customers and employers and growing the Aviva Master Trust.”
Trustees will have the comfort that the Aviva Master Trust solution will be available for all DC benefits. However, they will also continue to have access to the wider DC market.
Matt Bayman, Director of Scheme Services at the PPF, said: “We look forward to working with Aviva who, through their Master Trust solution, will ensure that we can efficiently transfer schemes and, most importantly, help us to achieve the best results for members both inside and outside of the PPF.”
The Aviva Master Trust is a pension solution centred around member’s interests, governed by a fully independent Trustee Board. It celebrated its 10-year anniversary in January 2024.
