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.”

    Share Story:

Recent Stories


A time for fixed income
Francesca Fabrizi discusses fixed income trends and opportunities with Goldman Sachs Asset Management Head of UK Pensions Solutions, Fixed Income Portfolio Management, Henry Hughes, in our Pensions Age video interview

Purposeful run-on
Laura Blows discusses purposeful run-on for DB schemes with Isio director, actuarial and consulting, Matt Brown, in Pensions Age’s latest video interview
Find out more about Purposeful Run On

Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track
Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets

Advertisement