Aviva completes £300m buy-in deal with the Elementis Group Pension Scheme

Aviva has completed a £300 million bulk purchase annuity buy-in with the Trustee of Elementis Group Pension Scheme, securing the benefits of 4,500 members.

The transaction covers defined benefit liabilities and enables a subset of members to access additional voluntary contributions as a primary source of tax-free cash through Aviva’s integrated DB&C Master Trust solution.

The deal was completed in May 2026. Aon acted as lead adviser to the Trustee, with Squire Patton Boggs (UK) LLP providing legal advice. Aviva’s legal advice was provided in‑house.  It included a price lock, enabling the Trustee to sell down credit fund holdings and transition into the premium payment portfolio, helping to minimise mismatch risk and support pricing certainty throughout the process.

Sean Rooney, Senior BPA Deal Manager at Aviva, said: “Completing this transaction with the Elementis Group Pension Scheme is a strong example of what can be achieved through close collaboration between parties and clear objectives.

Aviva has significant post-transaction expertise, having completed more than 650 data cleansing exercises as part of the transition to buyout or long-term buy-in.  As part of this transaction, the Trustee has the option to draw on Aviva’s expertise, alongside our specialist partners, to support completion of their data cleansing and verification activities. This provides certainty to the Scheme and its sponsor that, regardless of any scheme administration constraints, they can always rely on Aviva to ensure their preferred timescales for data cleanse are met, providing greater flexibility over the timing of any potential future buyout.”

Brian Taylorson, Chairman of the Trustee Board of the Elementis Group Pension Scheme, said: “We are delighted in our selection of Aviva as our insurance partner for securing fully the defined benefits of our members and their dependents. Aviva has a strong brand and rich heritage similar to Elementis whose own history goes back to 1844. This deal would not have been possible without the full support of our sponsor, Elementis plc, which was and remains strongly collaborative throughout this process.

Wai Wong, Secretary of the Elementis Group Pension Scheme, said: “Even with extensive planning and preparation, we had to overcome a number of challenges in our journey but our risk transfer advisory team at Aon were excellent and methodically guided the Trustees through every step in the process, supported by all of the Scheme's key advisers and Aptia as Scheme Administrator. Our focus now turns to the data validation phase and a comprehensive plan and strong project management will ensure we deliver for all our stakeholders.”

Leah Evans, Partner at Aon, added: “The unusual liability profile of the Scheme required in-depth considerations of scheme experience and cashflow profiles in order to complete a successful transaction. We worked closely with the Trustee and Aviva to develop solutions both for the initial transaction and to support the Trustees in the next stage of their journey. The Trustees’ strong governance structure and engagement throughout the project, as well as the support by the sponsor, allowed for efficient decision making and was key to achieving a good outcome for the Scheme and its members.”

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Notes:

Elementis plc is a FTSE 250-listed global specialty chemicals company.

Wai Wong is also a Trustee Director of the Elementis Group Pension Scheme and, separately, a Professional Trustee and Sole Trustee Specialist at independent trustee firm Capital Cranfield since June 2023.

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