Aviva Completes Major Bulk Annuity Transaction Supporting Long Term Pension Security for Iveco Members

Aviva Completes Major Bulk Annuity Transaction Supporting Long Term Pension Security for Iveco Members

(IN BRIEF) Aviva has completed a £100 million bulk purchase annuity transaction with the Iveco Limited Pension Scheme, securing the pensions of more than 1,300 members, including both deferred and pensioner members. The deal represents a significant milestone in the Scheme’s de-risking strategy, transferring responsibility for member benefits to Aviva and providing long-term financial security. The transaction involved close collaboration between the Trustee Board, advisers, and Aviva, with extensive due diligence ensuring a smooth transition process. Supported by advisers including XPS Group and legal and investment specialists, the agreement highlights the increasing role of insurance solutions in managing pension scheme liabilities. For Iveco Group, the transaction reinforces its long-term commitment to safeguarding employee benefits, while for Aviva it further strengthens its position in the bulk annuity market by delivering tailored, secure retirement solutions.

(PRESS RELEASE) LONDON, 8-Apr-2026 — /EuropaWire/ — Aviva has completed a £100 million bulk purchase annuity (BPA) transaction with the Iveco Limited Pension Scheme, securing the pension benefits of 225 deferred members and 1,127 pensioners. Finalized in March 2026, the deal marks a key step in the Scheme’s long-term de-risking strategy and provides members with enhanced financial security and certainty over their retirement benefits.

As part of the transaction process, representatives of the Scheme engaged closely with Aviva, including visiting its offices to meet transition and customer service teams. This interaction allowed Trustees to assess how members would be supported post-transaction and enabled Aviva to demonstrate its operational readiness, established transition processes, and commitment to delivering high-quality member outcomes.

The Trustee Board, chaired by David Archer of Zedra Governance Limited, worked alongside a number of advisory partners to complete the transaction. XPS Group acted as the specialist de-risking adviser, as well as Scheme administrator and actuary, while Pi Partnership supported the Trustee as secretary. Legal advice was provided by Squire Patton Boggs LLP, with Lane Clark and Peacock (LCP) advising on investments. Aviva received legal support from its internal team.

John Fothergill, Senior Deal Manager at Aviva, highlighted the importance of collaboration and preparation in delivering the transaction successfully. He noted that the engagement between the Trustee and Aviva teams helped ensure a smooth transition and positioned the Scheme effectively for its next phase.

David Archer emphasized that the Trustees’ primary objective was to safeguard members’ interests by securing their benefits and ensuring long-term stability. He pointed to the strong cooperation between all parties involved as a key factor in achieving a positive outcome.

Robert Gerdes, Head of Rewards at Iveco Group, described the transaction as a significant milestone in the company’s long-standing commitment to supporting the Scheme. He noted that the move aligns with Iveco’s strategy of ensuring sustainable, long-term protection for members through insurance-backed solutions.

Patrick Lloyd of XPS Group added that the transaction required close coordination under tight timelines, with strong engagement from insurers leading to a competitive process and a successful outcome that met the needs of both the Trustee and the sponsoring company.

The completion of this buy-in reflects the growing trend of pension schemes seeking to reduce risk by transferring liabilities to insurers, ensuring that members’ benefits are protected over the long term.

Media contact:

Shelley Kernaghan
Retirement and Annuities
+44 (0) 7800 692 266
shelley.kernaghan@aviva.com

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