Investment - Articles - Aon advises Unomedical Pension on buyout with Aviva

Aon has advised the Unomedical Pension Plan on a £10 million buyout with Aviva. Aon worked closely with Capital Cranfield, the plan’s sole trustee, to complete the transaction.

 The bulk annuity deal covers all 65 members of the Unomedical scheme, whose sponsor is the international medical products and technologies company ConvaTec Group. The transaction was completed using Aon’s Pathway streamlined solution for smaller pension schemes, which uses pre-negotiated legal contracts to ensure swift and efficient transactions for all parties involved.

 Hugh Creasy, who led the Capital Cranfield sole trustee team, said: “This is the best long-term solution for the members of the Unomedical Pension Plan, so I am very pleased that Aon's Pathway has enabled us to secure a transaction with Aviva, meeting our needs in a busy bulk annuity market – and at this most difficult of times.”

 Jamie Cole, Defined Benefit Solutions Head of Origination at Aviva, said: “We are committed to supporting schemes of all sizes achieve their goals and we’re delighted to have helped secure the benefits for the members of the Unomedical Pension Plan.

 “The pre-negotiated contracts available through the Pathway streamlined solution delivered a very efficient process, allowing all parties to work closely to reduce the time taken to complete the transaction. Having a well-managed process, which can transact quickly, is essential in volatile market conditions and it plays an important role in helping to secure attractive pricing for smaller schemes.”

 Dave Barratt, senior consultant at Aon, said: “After the mega bulk annuity deals of 2019, this is both a reminder and evidence that the market is very much still open to smaller size deals in 2020 – despite all the challenges that this year is bringing. Our streamlined process and use of pre-negotiated contracts, together with nimble trustee decision making, shortened the transaction period and enabled us to move quickly at a time of volatile financial markets.”

Back to Index

Similar News to this Story

The future of investing
Unless you have a reliable crystal ball, there are many aspects of the future which are currently highly uncertain. One element of investing, however,
Open letter on reducing emissions from the built environment
An open letter to UK Government from LGIM’s Head of Sustainability, Head of LGIM Real Assets and CEO of Legal & General Capital
Structured products are an accident waiting to happen
Structured products are an accident waiting to happen for many retirees, with the inflexible terms and conditions of many such products likely to have

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.