Aviva has completed a £134 million bulk purchase annuity (BPA) buy-in transaction with the Quest UK Pension Scheme.
The deal, which was finalised in July 2025, secures benefits for over 440 scheme members. The scheme is sponsored by Givaudan UK Limited, the Swiss-based global flavours and fragrances manufacturer.
It’s the second transaction between Aviva and the Sponsor, following an earlier deal in 2021. The Trustees were advised by Aon, who led the process, with legal advice from HSF Kramer.
Aviva senior deal manager Sean Rooney says: “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 and we look forward to welcoming members to Aviva soon.”
Chair of trustees Ian Messenger says: “Protecting our members’ benefits has always been the key objective for both the trustees and company, 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, with legal advice from HSF Kramer. The result is a very good outcome for all parties – members, the trustees and the company.”
Givaudan International SA Head of Global Benefits Christian Frener says: “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.”
Aon associate partner Jamil Merali says: “Through the seamless integration of a multidisciplinary Aon team – risk settlement, administration, investment, and actuarial – 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.”
