Avon Cosmetics Pension Plan has completed a £235m (€270m) bulk purchase annuity (BPA) transaction with Prudential Assurance Company, M&G’s wholly-owned subsidiary, providing a life and pensions solution.
The transaction secures pension benefits of more than 3,000 members of the pension fund.
The trustees were advised on the transaction by WTW as risk transfer adviser and scheme actuary, CMS as legal advisers, and SEI as investment adviser.
Michelle Parczuk, chair of trustees and chief people officer at Avon, said: “This buy-in helps to provide greater certainty to members about the security of their benefits and represents a pivotal moment in the plan’s de-risking journey.”
Rosie Fantom, head of bulk annuity origination and execution at M&G, added: “This transaction marks an important step in securing the future benefits of over 3,000 plan members. It highlights our ability to deliver tailored solutions for complex schemes and reinforces our focus on providing certainty and confidence for trustees and members alike.”
