The Quest UK Pension Scheme has completed a £134 million bulk purchase annuity (BPA) buy-in transaction with Aviva.
Finalised in July 2025, the transaction secures the benefits of more than 440 members of the scheme. The scheme sponsor is Givaudan UK Limited, the Swiss-based global manufacturer of flavours and fragrances.
The deal marks the second transaction between Aviva and the sponsor, following a transaction with the Givaudan UK Pension Plan in 2021.
“Protecting our members’ benefits has always been the key objective for both the trustees and company, and full insurance has been our long-term target for a number of years. This has now been made possible by the detailed preparation and strong collaboration across all workstreams led by Aon, with legal advice from HSF Kramer. The result is a very good outcome for all parties – members, the trustees and the company,” said Ian Messenger, Chair of Trustees.
“It was a pleasure to have supported the scheme trustees, helping to secure member benefits for the long term. This second transaction with the Sponsor reflects the strength of our ongoing relationship and we look forward to welcoming members to Aviva soon,” said Sean Rooney, Senior Deal Manager at Aviva.
The Trustees were advised by Aon, which led the transaction process, with legal advice provided by HSF Kramer.
“Through the seamless integration of a multidisciplinary Aon team – risk settlement, administration, investment and actuarial – we were able to complete the transaction through an accelerated and efficient process. Aon’s investment team was able to move quickly to capture the attractive terms, while a collaborative joint working group enabled highly effective decision-making, that has led to a positive outcome for all parties,” said Jamil Merali, Associate Partner at Aon.
