ABB pension plan completes £700m buy-in with Aviva

Written by Sophie Smith

20/08/2025

The ABB Plan has completed a £700m buy-in with Aviva, securing the retirement benefits of more than 4,450 pensioner members and over 2,900 deferred members.

The transaction, which completed in July 2025, also included a £620m in-specie asset transfer of UK and US corporate bonds and UK gilts.

The trustees were advised on the deal by WTW, who also led the transaction process, and Eversheds Sutherland provided legal advice. LCP, meanwhile, acted as the lead transaction adviser to the sponsoring employer, ABB Limited.

AB Plan chairperson, Carolan Dobson, highlighted the deal as the fruition of several years of careful planning, stating: “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."

LCP partner, Ricky Patel, agreed that the deal was a "significant milestone" for the group, noting that, now the buy-in is complete, ABB’s position is future-proofed across key areas, and the residual pension exposures are much reduced.

Indeed, ABB pension management, Lee House, described the deal as a "hugely successful outcome", thanking the trustees and the advisory teams for their support in navigating the project.

“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," he stated.

This focus on collaboration was echoed by secretary to the trustees, Julie Priestley, who 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.”

Adding to this, Aviva senior deal manager, Andy Morley, said: “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.”

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