Aviva has completed a £700m bulk purchase annuity (BPA) buy-in with the ABB Plan in the UK.
Signed in July 2025, the deal included a £620m in-specie transfer of UK and US corporate bonds and UK gilts.
It secures the pensions of more than 4,450 retired members and over 2,900 deferred members.
The scheme sponsor is ABB Limited, a global technology leader in electrification and automation.
Trustees were advised by WTW, with legal advice from Eversheds. LCP acted as lead transaction advisers to the sponsor.
Andy Morley, senior deal manager at Aviva, said: “The transaction is testament to the strong relationship and shared commitment from all parties to safeguard pension benefits.
“We’re pleased to have reached this significant outcome and look forward to welcoming members to Aviva in the future.”
Carolan Dobson, chair of the ABB Plan, added: “The trustees are delighted to have completed a buy-in with Aviva that covers all our members’ benefits, giving them the additional security provided by a well-capitalised and highly regulated insurance company.”
Aviva has been active in the bulk annuity market. In 2024, it signed a £1.7bn deal with the National Grid Electricity Group of the Electricity Supply Pension Scheme.
