Packaging company Mpac Group has insured its defined benefit pension scheme for £249m through a buy-in deal with Aviva.
The transaction secures the benefits of more than 3,500 members of the Molins UK Pension Fund, sponsored by Mpac. Mpac rebranded from Molins in 2018.
Sanjay Gupta, a professional trustee at BESTrustees and chair of the pension scheme, praised the “collaborative and constructive approach” between trustees, the sponsor and advisers, which included WTW and law firm Mayer Brown.
Tom Ashworth, risk transfer director at WTW, added: “We are delighted to have been able to help the trustees secure members’ benefits through a bulk purchase annuity policy, which has been a long-term goal of both the trustees and the sponsoring employer.
“The transaction benefited from the agility and collaboration of processes with the joint working group, its advisers and Aviva, to navigate the transaction alongside the sale of illiquid asset holdings.”
