Givaudan UK, the Swiss-based global flavours and fragrances manufacturer, has completed a £134 million bulk purchase annuity (BPA) pensions buy-in deal for its Quest UK pension scheme.
Finalised in July, the transaction secures the benefits of more than 440 members of the scheme. The deal is the second transaction between Aviva and the Sponsor, following a previous one with the Givaudan UK pension plan in 2021.
The trustees were advised by Aon, which led the transaction process. Legal advice was provided by HSF Kramer.
Ian Messenger, chair of the trustees, said: “Protecting our members’ benefits has always been the key objective for both the trustees and organisation, 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. The result is a very good outcome for all parties: members, the trustees and the organisation.”
Christian Frener, head of global benefits at Givaudan International, added: “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. 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.”
Sean Rooney, senior 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.”
Jamil Merali, associate partner at Aon, added: “Through the integration of a multidisciplinary Aon team, 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.”
