Aviva Secures £104 Million Bulk Purchase Annuity for Essentra Pension Plan

Aviva has successfully finalized a £104 million bulk purchase annuity with the Essentra Pension Plan's Trustee, ensuring financial protection for both deferred and pensioner members. This significant transaction, concluded in January 2026, marks the second collaboration between Aviva and the Plan's Trustees. It follows an earlier agreement in 2022 for the Plan’s Senior Staff section, illustrating the Plan’s strategic long-term risk management approach.

XPS Group acted as the primary adviser to the Trustee, with legal counsel from Squire Patton Boggs (UK) LLP. Aviva managed its legal requirements internally. John Fothergill, Aviva's Senior Deal Manager, reflected positively on the transaction, emphasizing the successful previous interactions with the Plan and the satisfaction of securing significant benefits once again.

Liz Fallon, the Chair of Trustees at the Essentra Pension Plan, voiced her satisfaction with the swift completion of the buy-in with Aviva, which enhances the security of all remaining defined benefit members. The expertise of the advisory team enabled the Trustees to surpass expectations and efficiently navigate a competitive procurement process.

David Lambert, Senior Risk Settlement Consultant at XPS Group, highlighted the critical collaboration among advisers, which was paramount in leveraging favorable market conditions for an advantageous outcome for the Plan's members. This transaction builds upon the previous successful buy-in conducted for the Senior Section of the Plan.