On the go: The Givaudan UK Pension Plan has completed a £64m buy-in transaction with Aviva, covering the pensioner liabilities for 277 members.
The defined benefit scheme of the multinational fragrance manufacturer, based in Switzerland, closed to future accrual in 2016 and is now on a derisking journey.
The process to select an insurer and negotiate terms was led by Aon using its Pathway service. The trustee received legal advice from Eversheds Sutherland and Travers Smith.
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 work streams led by Aon, actuarial advice from Willis Towers Watson, and legal advice from Eversheds Sutherland and Travers Smith made this possible.”
Jos Umans, head of benefits at Givaudan International, added: “The company is pleased to have worked collaboratively with the trustees as part of a joint working group to achieve long-term security for members’ benefits.
“This is the culmination of a multi-year plan that has seen the company and the trustee systematically reduce risk via a combination of asset derisking and member options exercises.”
According to Givaudan’s 2020 annual report, the pension scheme’s sponsor expects to contribute SFr8m (£6.2m) to its two UK schemes, which includes the Quest UK Pension Scheme, this year.
This article originally appeared on MandateWire.com
