Aviva, an insurance, wealth and retirement specialist, has agreed an annuity buy-in with trustees of the Thomas Cook Pension Plan. The deal means Aviva will insure the defined benefit pension liabilities for more than 12,500 members.
Aviva said this would provide pension benefits “at or in excess of Pension Protection Fund (PPF) compensation levels”. The PPF is a statutory body that steps in to oversee pensions when a company collapses. In some cases, it will compensate pension holders.
