LCP advises on The Sibelco UK Occupational Pension Scheme’s full £165 million buy-in with Aviva

The Sibelco UK Occupational Pension Scheme has concluded a £165 million Bulk Purchase Annuity (“BPA”) transaction covering c.1200 members with Aviva. The bulk purchase annuity arrangement completed in April 2024 and secures the benefits of all members of the Scheme in full.

The transaction was carried out with the support of the Scheme’s sponsoring employer, Sibelco UK Limited and was enabled by close collaboration between all parties.

LCP acted as the lead adviser for this transaction, while legal advice was provided by Fieldfisher.

John Bannister, representing Capital Cranfield, Chair of Trustees for the Scheme, said: “We are pleased to be able to secure our members’ benefits with an experienced, well-regarded insurance company. We are confident that Aviva will provide a good long-term home for our members’ benefits.”

Ken Hardman, Partner at LCP, commented: “We are delighted to be able to help the Trustee secure members’ benefits with Aviva. The transaction highlights the opportunity for well-prepared schemes to leverage strong insurer competition, even in a busy market.

Toby Holmes, Senior Deal Manager at Aviva, said: “In today’s climate, it’s more important than ever for schemes to be well-prepared when approaching the market. This process has highlighted just how quickly and smoothly a transaction can run when it follows a well thought out, and crisply executed, transaction process.  The trustees had a clear strategy to secure member benefits, and their vision, when supported by highly experienced advisers, has made for an efficient and successful transaction.”