Quest UK Pension Scheme has completed a \u00a3134m (\u20ac155m) bulk purchase annuity (BPA) buy-in transaction with Aviva.<\/p>\n
The transaction was finalised in July 2025 and secures the benefits of more than 40 members of the pension fund\u00a0sponsored by Givaudan UK, the Swiss-based global manufacturer of flavours and fragrances.<\/p>\n
The trustees were advised by Aon, which led the transaction process, with legal advice provided by HSF Kramer.<\/p>\n
The deal marks the second transaction between the plan sponsor\u00a0and Aviva, following a \u00a364m transaction with the Givaudan UK pension plan in 2021, securing the benefits of 277 members.<\/p>\n
Ian Messenger, chair of trustees, said: \u201cProtecting our members\u2019 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.<\/p>\n
\u201cThis 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 \u2013 members, the trustees and the company.\u201d<\/p>\n
Christian Frener, head of global benefits at Givaudan International, said the company has \u201csystematically reduced risk\u201d through asset de-risking and member options exercises over recent years.<\/p>\n
\u201cFollowing the \u00a364m buy-in of a sister scheme in 2021, we are now in a position to have secured the vast majority of Givaudan\u2019s UK defined benefit pension liabilities,\u201d he noted.<\/p>\n
Jamil Merali, associate partner at Aon, added: \u201cThrough the seamless integration of a multidisciplinary Aon team \u2013 risk settlement, administration, investment, and actuarial \u2013 we were able to complete the transaction through an accelerated and efficient process.<\/p>\n
\u201cAon\u2019s 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.\u201d<\/p>\n