This transaction represents the second one between the insurance giant and trade association, following a £10m transaction completed in 2017.
Following this deal, Aviva will insure the defined benefit pension liabilities for 191 members, with said members not seeing any change in amount of their benefits in any way.
The deal was negotiated by Mercer, with Shepherd and Wedderburn LLP providing legal expertise.
Jamie Cole, head of Bulk Purchase Annuity Origination at Aviva, said: “We are delighted to have completed a second transaction with the Association of British Insurers Pension & Assurance Scheme.
“All parties worked closely to ensure the smooth and efficient completion of this transaction which provides greater security for Scheme members and shows Aviva’s flexibility in transacting with schemes of all sizes.”
Philip Exact, chairman of the ABI’s Pension and Assurance scheme’s trustees, said: “We worked closely with the ABI and Mercer over the last 12 months to plan, and then take, this important step on our journey to further reduce the Scheme’s risks.
“Aviva were selected after a competitive tender process and we are very pleased to have successfully completed this transaction.”