Investment - Articles - Aviva complete buyin for Michelin Pension and Life Assurance


Aviva has announced the completion of a £1.5 billion bulk purchase annuity full-scheme buy-in with the Michelin Pension and Life Assurance Plan. The transaction, which includes an in-specie transfer of assets, completed in September 2024. It secures the benefits for c15,000 members of the scheme.

 The Trustee was advised by XPS Group and legal advice was provided by Pinsent Masons LLP.

 Doug Brown, CEO of Insurance, Wealth, and Retirement at Aviva said: “This is a significant deal showing the strength of our bulk purchase annuity business in securing good outcomes for pension scheme members. We are well positioned to carry out large-scale transactions in addition to our capability in the small and medium scheme market.”

 Sarah Cave, Senior Deal Manager at Aviva, said: “It’s been a pleasure to work with the Trustee and their experienced advisers on such a well-prepared transaction. Their approach and clear strategy made this transaction attractive to us and enabled us to put our best foot forward when bidding. We are really pleased that the Trustee has chosen to partner with Aviva. This deal further demonstrates Aviva’s capability for structuring transactions to meet specific client needs.”

 Vincent Dormieux, Chair of Trustees for Michelin Pension and Life Assurance plan said: “The Trustee is delighted to have improved the long-term security of members’ benefits by completing this buy-in transaction with Aviva. I’d like to place on record our sincere thanks to our full advisory team and to the Michelin Group for its support through the process.”
 
 Stephen Purves, Head of Risk Settlement at XPS Group said: “We’re really pleased to have led on this important transaction and to have helped the Trustee secure its members’ benefits with Aviva. We were always expecting to see lots of large transactions complete in H2 2024 and we developed a strategy to make this transaction stand out in a busy market. This included simplifying our transaction requirements before going to the insurers and an ‘in-house’ solution to deal with the Plan’s illiquid assets.”
  

Back to Index


Similar News to this Story

Tariff turmoil makes DC providers reassess US allocations
DC providers are underweighting US equities amid concerns over tariffs, dollar weakness and concentration in mega-cap growth stocks. Market turbulence
Comment on on FCA Targeted Support proposals
Responding to the FCA’s proposals on Supporting consumers’ pensions and investment decisions: proposals for targeted support the Association of Profes
Broadstone advises on buyin for BDO LLP with Just Group
Collaborative approach between the Sponsor, advisers and both trustee boards secures transaction at an affordable cost. Benefits for all 1,000+ member

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

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