Unomedical scheme completes £10m buyout with Aviva

The Unomedical Pension Plan has completed a £10m buyout with Aviva, covering all 65 members of the scheme.

Capital Cranfield, the sole trustee of the ConvaTec Group sponsored scheme, worked alongside Aon in order to complete the transaction.

The deal was completed using Aon’s Pathway streamlined solution for smaller pension schemes, which aims to use pre-negotiated legal contracts to try and ensure efficient transactions for all parties involved.

Capital Cranfield sole trustee team leader, Hugh Creasy, said: “This is the best long-term solution for the members of the Unomedical Pension Plan, so I am very pleased that Aon's Pathway has enabled us to secure a transaction with Aviva, meeting our needs in a busy bulk annuity market – and at this most difficult of times.”

Aviva defined benefit solutions head of origination, Jamie Cole, commented: “We are committed to supporting schemes of all sizes achieve their goals and we’re delighted to have helped secure the benefits for the members of the Unomedical Pension Plan.

“The pre-negotiated contracts available through the Pathway streamlined solution delivered a very efficient process, allowing all parties to work closely to reduce the time taken to complete the transaction.

"Having a well-managed process, which can transact quickly, is essential in volatile market conditions and it plays an important role in helping to secure attractive pricing for smaller schemes.”

Aon senior consultant, Dave Barratt, said the deal was a reminder that “the market is very much still open to smaller size deals in 2020 – despite all the challenges that this year is bringing”, adding that Aon’s processes had allowed the company to “move quickly at a time of volatile financial markets”.

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