The Sibelco UK Occupational Pension Scheme has completed a £165m buy-in with Aviva, securing the benefits of all members of the scheme in full.

LCP acted as lead advisers on the deal, which covers around 1,200 members, while legal advice was provided by Fieldfisher.

Capital Cranfield professional trustee and chair of trustees for the scheme, John Bannister, 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.”

LCP partner, Ken Hardman, said the transaction was evidence of the "opportunity for well-prepared schemes to leverage strong insurer competition, even in a busy market".

Aviva senior deal manager, Toby Holmes, also noted the importance 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," he continued.

“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.”

---