The ABB Plan has completed a £700m bulk purchase annuity buy-in transaction with Aviva.
The transaction, completed in July 2025, included a £620m in-specie asset transfer of UK and US corporate bonds and UK gilts. It secures the benefits of more than 4,450 pensioner members and over 2,900 deferred members. The scheme sponsor is ABB Limited, a global provider of electrification and automation technology.
“The trustees are delighted to have completed a buy-in with Aviva which covers all our members’ benefits, giving them the additional security provided by a well-capitalised and highly regulated insurance company. This is the fruition of several years of careful planning and we are delighted that the buy-in is now completed,” said Carolan Dobson, Chair of the ABB Plan.
“It has been fantastic to partner with the scheme trustees to deliver long-term security for thousands of scheme members. 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,” said Andy Morley, Senior Deal Manager at Aviva.
The trustees were advised by WTW, who led the transaction process, with legal advice provided by Eversheds. LCP were the lead transaction advisers to the company.
“It was a pleasure to work with the Trustees, the Company, Aviva and the wider advisory teams to achieve this significant transaction for the Plan. The collaborative efforts of all involved were instrumental in securing an excellent outcome for the Plan and its members,” said Shelly Beard, Managing Director at WTW.
“ABB’s objective from day one was to reduce worldwide pension risk as part of its global strategy. As one of the largest defined benefit plans in the group, the UK buy-in is a significant milestone in achieving this objective, and we’ve thoroughly enjoyed advising ABB on all aspects – from the overarching strategy to the pricing, contract negotiations and asset transfer. Now the buy-in is complete, ABB’s position is future-proofed across key areas, and the residual pension exposures much reduced,” added Ricky Patel, Partner at LCP.
