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Aviva completes £165m full buy-in with The Sibelco UK Occupational Pension Scheme


Aviva has announced the completion of a £165 million bulk purchase annuity full scheme buy-in with The Sibelco UK Occupational Pension Scheme. The deal - completed in April 2024 - secures the benefits of all c.1200 members of the scheme in full. LCP acted as the lead advisers on the transaction and legal advice was provided by Fieldfisher.

Toby Holmes, Senior Deal Manager at Aviva, said: “In today’s climate it’s more important than ever for schemes to be well-prepared when approaching the market.  This process has highlighted just how quickly and smoothly a transaction can run when it follows a well thought out and crisply executed transaction process.  The trustees had a clear strategy to secure member benefits, and their vision, when supported by highly experienced advisers, has made for an efficient and successful transaction.” 

John Bannister, representing Capital Cranfield, Chair of Trustees for the Scheme, said: “We are pleased to be able to secure our members’ benefits with an experienced, well-regarded insurance company. We are confident that Aviva will provide a good long-term home for our members’ benefits.”

Ken Hardman, partner at LCP, commented: “We are delighted to be able to help the Trustee secure members’ benefits with Aviva. The transaction highlights the opportunity for well-prepared schemes to leverage strong insurer competition, even in a busy market.”


  • We are the UK’s leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
  • We help our 19.2 million (as at 31 December 2023) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers.
  • In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at and our sustainability ambition and action at
  • Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at
  • As at 31 December 2023, total Group assets under management at Aviva Group were £376 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2024 was £8.5 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit

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