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Pensions & Retirement

Aviva completes £134m buy-in with the Quest UK Pension Scheme

Aon advised the trustees on the deal, leading the transaction, with legal support from HSF Kramer.

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Aviva completed a £134m bulk purchase annuity buy-in with the Quest UK Pension Scheme, securing the benefits of over 440 members. 

The scheme sponsors were Givaudan UK Limited, a global manufacturer of flavours and fragrances based in Switzerland. 

Aon advised the trustees on the deal, leading the transaction, with legal support from HSF Kramer.

Sean Rooney, senior BPA deal manager at Aviva, said: “It was a pleasure to have supported the scheme trustees, helping to secure member benefits for the long-term. 

“This second transaction with the Sponsor reflects the strength of our ongoing relationship and we look forward to welcoming members to Aviva soon.”

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Ian Messenger, chair of trustees, said: “Protecting our members’ benefits has always been the key objective for both the trustees and company, and full insurance has been our long-term target for a number of years.

“This has now been made possible by the detailed preparation and strong collaboration across all workstreams led by Aon, with legal advice from HSF Kramer. 

“The result is a very good outcome for all parties – members, the trustees and the company.”

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Christian Frener, head of global benefits at Givaudan International SA, said: “We were pleased to work closely with the trustees through a joint working group to support the long-term security of members’ benefits. 

“Over recent years, we have systematically reduced risk through asset de-risking and member options exercises. 

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“Following the £64 million buy-in of a sister scheme in 2021, we are now in a position to have secured the vast majority of Givaudan’s UK defined benefit pension liabilities.”

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Jamil Merali, associate partner at Aon, said: “Through the seamless integration of a multidisciplinary Aon team – risk settlement, administration, investment, and actuarial – we were able to complete the transaction through an accelerated and efficient process. 

“Aon’s investment team was able to move quickly to capture the attractive terms, while a collaborative joint working group enabled highly effective decision-making, that has led to a positive outcome for all parties.”

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