The £64m Givaudan UK Pension Plan has completed its wind-up, with all members’ benefits now fully secured with Aviva through individual insurance policies.
The completion marks the end of a long-running process to secure members’ benefits and bring the defined benefit (DB) scheme to an orderly close.
The wind-up followed a programme of work covering benefit verification, member communications, administration transition, buyout implementation and the eventual transfer of members’ benefits to individual policies with Aviva.
Aon advised the trustees throughout the process, from buy-in broking through to buyout, wind-up advice and project management, working alongside Givaudan and legal advisers Travers Smith.
Givaudan UK Pension Plan chair of trustees, Robin Storey, said: “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. We are very pleased to have achieved this outcome for our members.”
Givaudan head of global benefits, Christian Frener, added that the company had supported the trustees throughout the process.
“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.
Aon senior consultant, Chris Dunford, also commented: “Supporting the trustees and Givaudan throughout 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.”
