Michelin scheme secures mega £1.5bn buy-in deal with Aviva

Largest BPA transaction of 2024 so far and Aviva’s largest external deal ever

Holly Roach
clock • 2 min read
Michelin scheme secures mega £1.5bn buy-in deal with Aviva

The Michelin Pension and Life Assurance Plan has completed a £1.5bn full scheme buy-in with Aviva, securing the benefits of 15,000 members.

The deal with the scheme – completed in September – included an in-specie transfer of assets and is the largest publicly announced bulk purchase annuity (BPA) transaction of 2024 so far. It is a...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Risk Reduction

Phoenix Medical Supplies scheme secures £30m buy-in with Canada Life

Phoenix Medical Supplies scheme secures £30m buy-in with Canada Life

Full scheme buy-in secures the benefits of over 145 pensioners and 80 deferred members

Holly Roach
clock 23 March 2026 • 2 min read
Exclusive: M&G says BPA with-profits proposition to be 'core' market offering

Exclusive: M&G says BPA with-profits proposition to be 'core' market offering

Kerrigan Procter says insurer expects to transact £3bn-£4bn of BPA volumes by 2027

Martin Richmond
clock 23 March 2026 • 2 min read
LGPS funding 'remains strong' at 145%

LGPS funding 'remains strong' at 145%

Isio Low-Risk Funding Index shows total surplus of £148bn at end of Q4 2025

Jasmine Urquhart
clock 19 March 2026 • 1 min read
Trustpilot