The Essentra Pension Plan has completed a £104m (€120m) bulk purchase annuity (BPA) with Aviva, securing the benefits of both deferred and pensioner members.
The deal completed in January 2026 is the second transaction between Aviva and the plan’s trustees, following the 2022 buy-in of the senior staff section and forms part of the plan’s long-term de-risking journey.
XPS Group acted as lead adviser to the trustee, with Squire Patton Boggs providing legal advice. Aviva’s legal advice was provided in‑house.
Liz Fallon, chair of trustees at the Essentra Pension Plan, said: “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.”
John Fothergill, senior deal manager at Aviva, added: “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.”
