Aviva has today announced the completion of a £165 million bulk purchase annuity full scheme buy-in with The Sibelco UK Occupational Pension Scheme. The deal – completed in April 2024 – secures the benefits of all c.1200 members of the scheme in full. LCP acted as the lead advisers on the transaction and legal advice was provided by Fieldfisher.
Toby Holmes, Senior Deal Manager at Aviva, said: “In today’s climate it’s more important than ever for schemes to be well-prepared when approaching the market. This process has highlighted just how quickly and smoothly a transaction can run when it follows a well thought out and crisply executed transaction process. The trustees had a clear strategy to secure member benefits, and their vision, when supported by highly experienced advisers, has made for an efficient and successful transaction.”
John Bannister, representing Capital Cranfield, Chair of Trustees for the Scheme, said: “We are pleased to be able to secure our members’ benefits with an experienced, well-regarded insurance company. We are confident that Aviva will provide a good long-term home for our members’ benefits.”
Ken Hardman, partner at LCP, commented: “We are delighted to be able to help the Trustee secure members’ benefits with Aviva. The transaction highlights the opportunity for well-prepared schemes to leverage strong insurer competition, even in a busy market.”
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