The Essentra Pension Plan has completed a £104m buy-in transaction for the Essentra Section of the scheme with Aviva.
The deal secured the benefits of both deferred and pensioner members, and was finalised in January 2026.
This was the second transaction between Aviva and the scheme’s trustees, following the 2022 buy-in of the Senior Staff section of the scheme.
XPS Group acted as lead adviser to the scheme trustee, while Squire Patton Boggs provided legal advice. Aviva’s legal advice was provided by its in-house team.
Essentra Pension Plan chair of trustees, Liz Fallon, said the trustees were “delighted” to have completed a further buy-in with Aviva, which secured the benefits of all their remaining defined benefit members.
“The early preparation work carried out across our advisory team allowed us to accelerate our original project timescales and we were able to transact quickly and confidently, running a very competitive bidding process, culminating in a transaction with Aviva,” she added.
Also commenting on the buy-in, Aviva senior deal manager, John Fothergill, said: “Following a positive experience with Aviva on the plan’s Senior Section, it is particularly pleasing that we have now also been entrusted with delivering long-term security for the main plan.
“The trustees’ clear objectives, thorough preparation and collaborative approach helped ensure another smooth and efficient process. Once again, it’s been a pleasure to work with the trustees and their advisers.”
XPS Group senior risk settlement consultant, David Lambert, added: “This is a great result for all parties and builds on the success of the buy-in for the plan’s Senior Section.
“The key to this transaction was the collaborative working across all the plan’s advisers, which allowed us to move quickly to capture the favourable conditions we are seeing in the market right now.
“We are delighted to have led on the advice to the trustee and to have secured such a great outcome for the plan’s members.”
