The ABB Plan has completed a £700m bulk purchase annuity (BPA) 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 trustees were advised by WTW, that led the transaction process, with legal advice provided by Eversheds. LCP was the lead transaction adviser to ABB, a global technology company specialising in electrification and automation.
Julie Priestley, secretary to the Trustees, said: “Ensuring a smooth transition for the plan and its members was a key priority throughout this process. Thanks to the strong collaboration between the trustees, the company, and our advisers, we were able to deliver this complex transaction seamlessly and with confidence.”
Lee House, pension management at ABB, added: “Following a collaborative process working with the Trustees, we are pleased to have completed a full buy-in for all liabilities of the ABB Plan and provided further security of members’ benefits. This is a hugely successful outcome for us as part of our pension strategy and corporate objectives.”
Andy Morley, senior deal manager at Aviva, said: “It has been fantastic to partner with the scheme trustees to deliver long-term security for thousands of scheme members.”
Morley added that the transaction is testament to the strong relationship and shared commitment from all parties to safeguard pension benefits.
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