Aviva has announced it has completed a £64m bulk purchase annuity transaction with multinational manufacturer, Givauden.
The deal includes the Swiss-based company’s UK pension plan and will lead to the insurer covering the defined benefit pension liabilities for 277 members.
Current members will see no change in the amount of their benefits or the way in which they are paid following the transaction.
The process to select the insurance giant and negotiate terms was led by Aon through its pathway service.
Jamie Cole, head of bulk purchase annuity origination at Aviva, said: “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.”
Robin Storey, chair of trustees for the Givaudan UK Pension Plan, said: “The long term protection of our members’ benefits has been secured through this buy-in transaction with Aviva.
“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.”