The Molins UK Pension Fund completed a £249m buy-in last month, covering the benefits of more than 3,500 members.

The scheme for former employees of the cigarette machine maker is sponsored by packaging technology firm Mpac Group.

Trustee chair Sanjay Gupta at Bestrustees said: “We are pleased to have achieved this significant step that will provide greater security for members’ benefits. The collaborative and constructive approach between the trustee, Mpac Group... and our advisers has helped to secure this very positive outcome.”

The trustees were advised by WTW, who led the transaction process. Legal advice was provided by Mayer Brown.

WTW risk transfer director Tom Ashworth, who was the lead adviser, said: “The transaction benefitted from the agility and collaboration of processes with the Joint Working Group, its advisers and Aviva, to navigate the transaction alongside the sale of illiquid asset holdings.”

Paul Donnelly, BPA deal manager at Aviva, said: “We’re pleased to have supported the trustees of the Molins UK Pension Fund in their ambition to secure scheme members’ benefits. This transaction reflects Aviva’s ability to manage different benefit structures and provide bespoke options to meet the needs of the trustees.  The collaboration between all parties involved was key to achieving a positive outcome and we look forward to formally welcoming members of the scheme to Aviva in the future.”

This is the third deal announced by Aviva this year. In May, it revealed a £270m buy-in with the RSP Section of the Morrisons Retirement Saver Plan; in March, it said it had completed a £4.8m buy-in of the A Gomez Ltd Retirement Benefits Scheme. Last year, Aviva wrote some large schemes, including a £1.7bn deal with National Grid, a £1.3bn full buy-in of the RAC (2003) Pension Scheme and a £1.5bn deal with Michelin involving an in-specie transfer of assets.