Management Consulting
Aon
Full Credential Description
Aon advised the Unomedical Pension Plan on a £10 million buyout with Aviva, addressing the specific challenge of securing a bulk annuity for all 65 members of the scheme, which is sponsored by ConvaTec Group, an international medical products and technologies company. The transaction was facilitated through Aons Pathway streamlined solution, designed for smaller pension schemes, which employs pre-negotiated legal contracts to ensure swift and efficient transactions. The Pathway solution proved crucial in a busy bulk annuity market, particularly during a time of volatility. Hugh Creasy, leading the trustee team, emphasized that Aon's Pathway enabled them to secure a favorable transaction with Aviva, which was deemed the best long-term solution for the members. The efficiency of the pre-negotiated contracts allowed for a reduced transaction time, which is essential in volatile market conditions, ultimately helping to secure attractive pricing for the Unomedical Pension Plan. Dave Barratt, a senior consultant at Aon, noted that despite the challenges of 2020, the market remained open to smaller deals, and the streamlined process, combined with nimble decision-making from trustees, significantly shortened the transaction period. This case highlights the effectiveness of Aons Pathway solution in navigating the complexities of pension buyouts, particularly for smaller schemes, ensuring that member benefits are secured efficiently.