Aviva, a leading insurance company, has announced the successful completion of a £134 million bulk purchase annuity (BPA) buy-in transaction with the Quest UK Pension Scheme. The transaction, which was finalized in July 2025, secures the benefits of over 440 members of the scheme. The scheme sponsors, Givaudan UK Limited, a Swiss-based global manufacturer of flavors and fragrances, have worked closely with Aviva to complete the deal.

This is the second transaction between Aviva and Givaudan UK Limited, following a £64 million buy-in of a sister scheme in 2021. The Trustees of the Quest UK Pension Scheme were advised by Aon, who led the transaction process, with legal advice provided by HSF Kramer. Sean Rooney, Senior BPA Deal Manager at Aviva, expressed his pleasure in supporting the scheme trustees and securing member benefits for the long-term.

The transaction reflects the strength of the ongoing relationship between Aviva and Givaudan UK Limited. Ian Messenger, Chair of Trustees, stated that protecting members’ benefits has always been the key objective, and full insurance has been the long-term target. Christian Frener, Head of Global Benefits at Givaudan International SA, noted that the company has systematically reduced risk through asset de-risking and member options exercises.

Jamil Merali, Associate Partner at Aon, highlighted the seamless integration of Aon’s multidisciplinary team, which enabled the completion of the transaction through an accelerated and efficient process. The collaborative joint working group allowed for highly effective decision-making, leading to a positive outcome for all parties. The transaction secures the benefits of over 440 members of the scheme and marks a significant milestone in the long-term security of Givaudan’s UK defined benefit pension liabilities.

The deal demonstrates Aviva’s commitment to supporting scheme trustees and sponsors in securing member benefits. The successful completion of the transaction is a testament to the strength of the relationships between Aviva, Givaudan UK Limited, and Aon. With this transaction, Aviva has further solidified its position as a leading provider of bulk purchase annuity solutions in the UK market. The company looks forward to welcoming the members of the Quest UK Pension Scheme to Aviva soon.