The Givaudan UK Pension Plan has completed a £64m bulk annuity transaction with Aviva, insuring the defined benefit (DB) pension liabilities for 277 of its members.
As reported by our sister title, Pensions Age, the insurer sought to reassure the Swiss flavour and fragrance manufacturer’s scheme members that they will see no change in their benefits or the way in which they are paid as a result of the transaction.
The process to select an insurer and negotiate terms was led by Aon using its Pathway service, while the trustee received legal advice from Eversheds Sutherland (International) LLP and Travers Smith LLP.
Aviva head of bulk purchase annuity origination, Jamie Cole, commented: “We are delighted to have worked with the trustee of the plan to complete this transaction which brings security for their pension plan members. All parties have worked well to deliver a smooth transaction, with close collaboration and pre-agreed terms helping deliver a positive outcome.”
Givaudan UK Pension Plan chair of trustees, Robin Storey, said: “The detailed preparation and strong collaboration across risk settlement and investment workstreams led by Aon, actuarial advice from Willis Towers Watson and legal advice from Eversheds Sutherland and Travers Smith, made this possible.”
Givaudan International head of benefits, Jos Umans, 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 de-risking and member options exercises.”
Latest News
An overview of growth investing
European Pensions Editor, Natalie Tuck, speaks to American Century Investments (ACI), Vice President, Senior Client Portfolio Manager, Kevin Lewis on growth investing.
They discuss how it has performed in 2021, and its outlook, going forward. They also cover ACI’s differentiated growth approach to the investment universe, and how this capitalises on market inefficiencies, as well as how ACI’s team is equipped to invest in this manner.
They discuss how it has performed in 2021, and its outlook, going forward. They also cover ACI’s differentiated growth approach to the investment universe, and how this capitalises on market inefficiencies, as well as how ACI’s team is equipped to invest in this manner.
Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.
Podcast - The power of three: Using Common Contractual Funds to improve tax outcomes for investors
Large asset owners are still investing in equities in a way where they are taxed on their income. The implication is that they get a poorer return. They need to, and can, improve this, but how?
In this podcast, AMX Head of Client and Manager Development, Aaron Overy, and AMX Product Tax Specialist, Kevin Duggan, discuss with European Pensions Editor, Natalie Tuck, about three options to help ensure good withholding tax outcomes for institutional investors.
In this podcast, AMX Head of Client and Manager Development, Aaron Overy, and AMX Product Tax Specialist, Kevin Duggan, discuss with European Pensions Editor, Natalie Tuck, about three options to help ensure good withholding tax outcomes for institutional investors.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories