The UK’s Iveco Pension Scheme has completed a £100m bulk purchase annuity (BPA) transaction with Aviva, securing the benefits of 225 deferred and 1,127 pensioner members.
The transaction, which was completed in March 2026, represents a significant milestone in the scheme’s long-term de-risking strategy and provides members with increased security and long-term certainty for their pensions.
As part of the due diligence process ahead of signing, representatives of the scheme visited Aviva to meet the transition and customer teams and discuss how Aviva will support their members.
XPS Group acted as specialist de-risking adviser to the Trustee as well as a scheme administrator and actuary. Squire Patton Boggs LLP provided legal advice, and LCP provided investment advice to the Trustee. Aviva’s legal advice was provided in-house.
David Archer, client director at Zedra Governance Limited, who chaired the Trustee board, said: “Our focus is always on protecting members’ interests, securing their benefits and providing long-term certainty.”
Robert Gerdes, head of rewards at Iveco Group, said: “This transaction is an excellent outcome for our Scheme members. Supporting the long-term security of the scheme has always been a cornerstone of our people strategy and we have stood firmly behind that commitment over many decades through significant cash contributions in all economic conditions. It was always our intention to reach a position where the scheme could secure additional protection with an insurance company providing long-term, sustainable support for its members. I am proud that we have delivered on that ambition.”
John Fothergill, senior deal manager at Aviva, said: “The thorough preparation by the Trustees and their advisers contributed to a smooth transaction and positioned the scheme well for the transition to Aviva”.
