Reinsurers involved in the £5bn ($8.36bn) pensions deal include Swiss Re and Scor.
The transaction covers the 19,000 Aviva staff members receiving pensions from its scheme, plus their widows, widowers, or civil partners.
"It is a landmark deal for the longevity market because it proves that longevity reinsurance solutions can serve the needs of our largest insurance clients," said Thierry Léger, Swiss Re's global head of life and health products at Swiss Re.
"We know that life expectancy is growing – this type of insurance provides peace of mind that there is protection in place no matter how long people live," he added.
The deal provides insurance protection to cover Aviva's liabilities if the scheme's retiree members live longer than anticipated.
"This transaction is notable not only for its size but also as a demonstration of the partnership approach we adopt with our clients," said Scor's chairman and CEO, Denis Kessler. "With such a complex transaction, it is vital to find a solution that works for the employer, the trustees and the reinsurer."
Daniel Harrison, global head of longevity solutions at Swiss Re, added: "There is a compelling rationale for pension plans and insurers to transfer their longevity risk to reinsurers. We have a natural offset with our mortality business, the capacity to write the business onto our balance sheet, and the expertise to tailor the transaction to meet our client's needs."