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The £64m Givaudan UK Pension Plan, for the fragrance producer, has moved to buyout and wind-up with Aviva following a buy-in five years ago. The wind-up was advised by Aon.
The scheme underwent benefit verification, member communications, administration transition, buyout implementation and the ultimate transfer of members' benefits to individual insurance policies before winding up with advice from Aon and lawyers Travers Smith.
"The successful completion of the wind-up represents a significant milestone for the plan and reflects the commitment and dedication of all those involved. Throughout the process, our priority has been to ensure members' benefits were secured and that the transition was managed smoothly and efficiently,” said trustee chair Robin Storey.
Christian Frener, head of global benefits at Givaudan, said the scheme sponsor has been supportive of the trustees the wind-up. “The trustees and their advisers have been collaborative throughout the buy-in and buyout phases, ensuring a well-managed and transparent process with no surprises, which was important for us in our planning,” he said.
Senior consultant at Aon, Chris Dunford, said supporting the trustees and Givaudan through the process of buy-in broking to buyout and wind-up advice and management was "a complex exercise".
“The completion of the wind-up is the culmination of extensive planning and collaboration across multiple workstreams, demonstrating how trustees, sponsors and advisers can work together to achieve a successful outcome for members,” said Dunford.
Another of Givaudan’s UK pension schemes, the Quest UK Pension Scheme, signed a £134m buy-in covering more than 440 members last year, also with Aviva and advised by Aon. How long do schemes wait for buyout after a buy-in?
