Quest UK Pension Scheme has completed a £134m (€155m) bulk purchase annuity (BPA) buy-in transaction with Aviva.
The transaction was finalised in July 2025 and secures the benefits of more than 40 members of the pension fund sponsored by Givaudan UK, the Swiss-based global manufacturer of flavours and fragrances.
The trustees were advised by Aon, which led the transaction process, with legal advice provided by HSF Kramer.
The deal marks the second transaction between the plan sponsor and Aviva, following a £64m transaction with the Givaudan UK pension plan in 2021, securing the benefits of 277 members.
Ian Messenger, chair of trustees, said: “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.”
Christian Frener, head of global benefits at Givaudan International, said the company has “systematically reduced risk” through asset de-risking and member options exercises over recent years.
“Following the £64m 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,” he noted.
Jamil Merali, associate partner at Aon, added: “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.”
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