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11 February 2026

M&G completes £235 million Bulk Purchase Annuity for Avon Cosmetics

2026

11 February 2026: M&G plc (“M&G”) today announces a £235 million bulk purchase annuity, securing pension benefits of over 3,000 members of the Avon Cosmetics Pension Plan (the “Plan”). A global company with 140 years of influencing beauty, Avon is an iconic brand built on community. Millions of independent Representatives share Avon products with their customers, while the brand’s omnichannel ecosystem ensures consumers experience Avon whenever and however they choose.

The transaction, by the Prudential Assurance Company Limited (“PAC”), M&G’s wholly-owned subsidiary providing life and pensions solutions, is the latest to be announced by M&G, having delivered total new business volumes of £1.5 billion during 2025.

M&G’s strong proposition was well received by the Trustees, which recognised M&G’s ability to insure and administer the Plan’s complex benefit structure. They also valued the enhanced level of support M&G could provide to the Trustees in the ongoing management of the Plan, ultimately allowing members to continue to benefit from an excellent member experience.

The Trustees were advised on the transaction by WTW as risk transfer adviser and scheme actuary, CMS as legal advisers, and SEI as investment adviser.

Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G, said: “This transaction marks an important step in securing the future benefits of over 3,000 Plan members. It highlights our ability to deliver tailored solutions for complex schemes and reinforces our focus on providing certainty and confidence for trustees and members alike.”

Michelle Parczuk, Chair of Trustees and Chief People Officer, Avon, said: “The Trustees are delighted to have partnered with M&G to complete this transaction. This buy-in helps to provide greater certainty to members about the security of their benefits and represents a pivotal moment in the Plan’s de-risking journey. My thanks to everyone involved for a great team effort in making this happen.”

Gemma Millington, Senior Director, WTW, said: “It was a pleasure to work with the Trustees, Avon, M&G and the wider advisory teams to deliver the transaction objectives. In particular, the Trustees were focused on ensuring the buy-in achieved an optimal outcome for members, including the preservation of all member options and coverage of complex Plan benefits. We’re seeing strong market competition delivering attractive pricing and pushing insurers to continually improve member experience.”

M&G is a founding member of the BPA market and has a strong track record in pension risk transfer, backed by a robust balance sheet and commitment to customers. M&G continues to strengthen its position through product innovation, further differentiating its product suite, and supporting long-term growth in the BPA market.

Media enquiries

Charlotte Pascal

Media Relations - Life

Irene Chambers

Head of Media Communications

Notes to editors

M&G plc is a leading international savings and investments business, managing money for around 4.51 million retail clients and more than 9001 institutional clients in 391 offices worldwide. As at 30 September 2025, we had £364.9 billion of assets under management and administration. With a heritage dating back more than 170 years, M&G plc has a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. We serve our retail and savings clients under the M&G and Prudential brands in the UK and Europe, and under the M&G Investments brand for asset management clients globally.

1 - As at 31 December 2024. 

Prudential is a subsidiary of M&G plc, offering life and pension solutions and is now the M&G Life business. Prudential was founded as a loans and life assurance company in 1848 and is one of the UK’s largest insurers, offering trustees and sponsors of Defined Benefit pension schemes a range of de-risking solutions, including bulk annuities, to help secure their scheme’s benefits and to provide additional security to members. 

As a founding member of the BPA industry, with an existing annuity book of c.£15bn with over 400 transactions completed between 1997 and 2016, Prudential is expecting to write significant volumes of BPAs over the coming years.

Over 2025, M&G delivered £1.5 billion in new business volumes and completed 11 transactions.

This information is intended for journalists and media professionals only. It should not be relied upon by retail customers or advisers

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M&G Investments

You are about to enter the website of M&G Investments, a direct subsidiary of M&G plc.
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M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G Investments

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M&G plcの直接子会社であるM&G Investments(M&Gインベストメント)のウェブサイトにアクセスするには、
こちらをクリックしてください。

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA(健全性監督機構)及びFCA(金融行為規制機構) に認可され、それらの規制対象となっています。

M&G plc は、イングランドを登録地、及び主たる事業領域とする会社で、その関連会社は有数の貯蓄・投資機関として基盤を確立しています。M&G plcは、Prudential Assurance Company Limited(プルデンシャル・アシュアランス・カンパニー・リミテッド)の直接親会社です。なお、Prudential Assurance Company Limitedは、アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.(プルデンシャル・ファイナンシャルInc.)またはイングランド及びウェールズで設立された国際グループ企業であるPrudential plc(プルデンシャル・ピーエルシー)とは一切関係がありません。

Prudential Portfolio Managers (South Africa) (Pty) Limited

You are about to enter the website of MandG Investments Southern Africa (Pty) Ltd a direct subsidiary of M&G plc. Click here to proceed.

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.