Aviva secures benefits of 440 Quest UK Pension Scheme members with £134 million buy-in

Sean Rooney, Senior BPA Deal Manager at Aviva

(IN BRIEF) Aviva has completed a £134 million bulk purchase annuity with the Quest UK Pension Scheme, securing the pensions of over 440 members sponsored by Givaudan UK Limited. This marks the second risk transfer between Aviva and Givaudan, following a 2021 deal with the Givaudan UK Pension Plan. Trustees, supported by Aon and HSF Kramer, achieved their long-term target of fully insuring members’ benefits, while Givaudan highlighted that the majority of its UK defined benefit liabilities are now secured. Aviva’s Sean Rooney welcomed the continuation of the relationship, while trustees and advisers emphasized the strong preparation and collaboration that enabled the successful completion. The transaction strengthens Aviva’s presence in the pension risk transfer market and underlines increasing momentum in the sector.

(PRESS RELEASE) LONDON, 29-Aug-2025 — /EuropaWire/ — Aviva has completed a £134 million bulk purchase annuity (BPA) transaction with the Quest UK Pension Scheme, securing the benefits of more than 440 members. Finalised in July 2025, the agreement represents the second pension insurance deal between Aviva and Givaudan, the Swiss-based manufacturer of flavours and fragrances that sponsors the scheme, following a similar transaction with the Givaudan UK Pension Plan in 2021.

The Trustees of the Quest UK Pension Scheme worked closely with advisers Aon, who led the transaction process, and HSF Kramer, who provided legal counsel. The buy-in removes risk from the scheme and ensures long-term security of member benefits, representing a key step in the trustees’ long-term strategy.

Sean Rooney, Senior BPA Deal Manager at Aviva, said: “We are delighted to have supported the trustees in securing members’ pensions for the future. Completing a second transaction with Givaudan highlights the strength of our partnership and we look forward to welcoming members into Aviva.”

Ian Messenger, Chair of Trustees, added: “Safeguarding members’ benefits has always been the trustees’ and company’s main objective, with full insurance as our long-term target. Thanks to detailed preparation and strong collaboration across all stakeholders, we are now in a position to fully secure benefits – a very positive outcome for members, trustees, and the company.”

Christian Frener, Head of Global Benefits at Givaudan International SA, underlined the sponsor’s commitment: “Over recent years, we have systematically reduced risk through asset de-risking and member options exercises. This transaction, following the 2021 deal for a sister scheme, means that the majority of Givaudan’s UK defined benefit pension liabilities are now insured.”

Jamil Merali, Associate Partner at Aon, commented: “By combining expertise across risk settlement, administration, investment, and actuarial services, we were able to deliver this transaction quickly and effectively. Our investment team acted promptly to secure favourable terms, while the collaborative working group ensured efficient decision-making and a strong result for all parties involved.”

The transaction reinforces Aviva’s position as a leading provider of pension insurance solutions, while also demonstrating the growing trend among UK pension schemes to lock in long-term member security through risk transfer arrangements.

Media Contact:

Fiona Whytock
Retirement, Savings and Investments
Phone: +44 (0) 7800 692 299
Email: fiona.whytock@aviva.com
Other: @FionaWhytock

SOURCE: Aviva