The Michelin Pension and Life Assurance Plan has completed a £1.5bn (€1.8bn) buy-in deal with Aviva securing benefits of circa 15,000 scheme members.
The transaction, which includes an in-specie transfer of assets, was completed last month. The trustee was advised by XPS Group and legal advice was provided by Pinsent Masons.
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.”
Doug Brown, chief executive officer for insurance, wealth, and retirement at Aviva, said the deal was “significant”, showing the strength of Aviva’s bulk purchase annuity business in securing good outcomes for pension scheme members.
He said: “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 the scheme’s 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,” she added.
Read the digital edition of IPE’s latest magazine
No comments yet