Aviva completes £700 million buy-in with ABB Plan securing pensions for over 7,300 members

Aviva completes £700 million buy-in with ABB Plan securing pensions for over 7,300 members

(IN BRIEF) Aviva has finalised a £700 million bulk purchase annuity buy-in with the ABB Plan, securing pension benefits for more than 7,300 members. The transaction, completed in July 2025, included a £620 million in-specie transfer of corporate bonds and gilts. Advised by WTW, Eversheds, and LCP, the deal marks a major milestone in ABB’s global pension risk reduction strategy and ensures long-term security for both pensioner and deferred members. Trustees, the sponsor, and advisers praised the collaborative process that delivered the successful outcome.

(PRESS RELEASE) LONDON, 21-Aug-2025 — /EuropaWire/ — Aviva has completed a £700 million bulk purchase annuity (BPA) buy-in transaction with the ABB Plan in the UK, securing the pension benefits of more than 7,300 members. Finalised in July 2025, the deal involved an in-specie asset transfer worth £620 million consisting of UK and US corporate bonds and UK gilts.

The transaction covers the benefits of over 4,450 pensioner members and more than 2,900 deferred members, delivering long-term security through Aviva’s well-capitalised and highly regulated insurance structure. ABB Limited, the scheme sponsor, is a global technology leader in electrification and automation.

The trustees were advised throughout the process by WTW, who managed the transaction, with Eversheds providing legal counsel. LCP acted as lead advisers to ABB, supporting the company’s pension risk management strategy.

Reflecting on the milestone, Andy Morley, Senior Deal Manager at Aviva, said:
“It has been fantastic to work alongside the scheme trustees on this transaction, which ensures long-term security for thousands of members. The outcome demonstrates the strong collaboration and shared commitment of everyone involved, and we are delighted to welcome members of the ABB Plan to Aviva.”

Carolan Dobson, Chairperson of the ABB Plan, commented:
“The trustees are very pleased to have secured a buy-in with Aviva that covers all members’ benefits. This provides additional peace of mind for members and represents the culmination of years of planning. We are delighted to see this important project come to fruition.”

Julie Priestley, Secretary to the Trustees, added:
“Delivering a seamless transition for the Plan and its members has been a top priority. Thanks to the close cooperation between the Trustees, ABB, and our advisers, we were able to complete this complex transaction with confidence.”

Lee House, Pension Management at ABB, said:
“Completing a full buy-in for the ABB Plan is a significant success and reinforces our commitment to protecting members’ benefits as part of our wider pension strategy. We thank the Trustees and advisers for their support in reaching this outcome.”

Advisers also underlined the significance of the deal. Shelly Beard, Managing Director at WTW, noted:
“This transaction reflects a strong collaborative effort across all parties to secure an excellent outcome for members.”

Ricky Patel, Partner at LCP, added:
“ABB’s goal from the outset was to reduce global pension risk, and this buy-in represents a key step in that strategy. It significantly strengthens ABB’s pension position and reduces residual risk for the future.”

Notes to editors:

• We are the UK’s leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
• We help 25m+ customers (including Direct Line) make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
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• As at 30 June 2025, total Group assets under management at Aviva Group were £419 billion and our estimated Solvency II shareholder capital surplus was £8.1 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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Media Contact:

Fiona Whytock
Retirement, Savings and Investments
Phone: +44 (0) 7800 692 299
Email: fiona.whytock@aviva.com
Other: @FionaWhytock

SOURCE: Aviva