Givaudan UK Pension Plan secures £64m bulk annuity deal with Aviva

The Givaudan UK Pension Plan has completed a £64m bulk annuity transaction with Aviva, insuring the defined benefit (DB) pension liabilities for 277 of its members.

Announcing the buy-in, the insurer sought to reassure the Swiss flavour and fragrance manufacturer’s scheme members that they will see no change in their benefits or the way in which they are paid as a result of the transaction.

The process to select an insurer and negotiate terms was led by Aon using its Pathway service, while the trustee received legal advice from Eversheds Sutherland (International) LLP and Travers Smith LLP.

Aviva head of bulk purchase annuity origination, Jamie Cole, commented: “We are delighted to have worked with the trustee of the plan to complete this transaction which brings security for their pension plan members. All parties have worked well to deliver a smooth transaction, with close collaboration and pre-agreed terms helping deliver a positive outcome.”

Givaudan UK Pension Plan chair of trustees, Robin Storey, said: “The detailed preparation and strong collaboration across risk settlement and investment workstreams led by Aon, actuarial advice from Willis Towers Watson and legal advice from Eversheds Sutherland and Travers Smith, made this possible.”

Givaudan International head of benefits, Jos Umans, added: "The company is pleased to have worked collaboratively with the trustees as part of a joint working group to achieve long-term security for members' benefits.

“This is the culmination of a multi-year plan that has seen the company and the trustee systematically reduce risk via a combination of asset de-risking and member options exercises.”

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