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Aviva completes £300m bulk purchase annuity buy-in for Elementis scheme

The deal, completed in May 2026, covers defined benefit liabilities for about 4,500 members and includes a price lock to reduce mismatch risk.

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Aviva has completed a £300 million bulk purchase annuity buy-in with the Trustee of the Elementis Group Pension Scheme, covering the defined benefit liabilities of around 4,500 members, according to Reinsurance News.

The insurer said the transaction, which closed in May 2026, also allows a subset of members to use additional voluntary contributions as a primary source of tax-free cash through Aviva’s integrated DB&C Master Trust solution.

Aviva added that the structure included a price lock, enabling the Trustee to reduce its credit fund holdings before assets moved into the premium payment portfolio, which it said helps limit mismatch risk while providing pricing certainty during the deal process.

Aon acted as lead adviser to the Trustee, Squire Patton Boggs (UK) LLP provided legal advice to the Trustee, and Aviva said any legal advice was supported by its in-house team.

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