The Iveco Limited Pension Scheme has completed a £100m full-scheme buy-in with Aviva, securing the benefits of all 225 deferred and 1,127 pensioner members.
The transaction was completed in March 2026 and represented a “significant milestone” in the scheme’s long-term de-risking strategy.
The trustee board was chaired by Zedra Governance Limited client director, David Archer, while XPS Group acted as specialist de-risking adviser to the trustee.
Pi Partnership secretariat lead, Simon Davies, acted as secretary to the trustee, and Squire Patton Boggs provided legal advice.
XPS Group also acted as scheme administrator and scheme actuary, while LCP provided investment advice to the trustee.
Aviva was provided with legal advice from its in-house team.
As part of the due diligence process, representatives of the scheme visited Aviva to help ensure a clear understanding of trustee priorities and allow the insurer to demonstrate its transition processes.
“This transaction is an excellent outcome for our scheme members,” said Iveco Group head of rewards, Robert Gerdes.
“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.”
Aviva senior deal manager, John Fothergill, added: “It was a pleasure to welcome the joint working group to our offices to show them how we will look after their members.
“The thorough preparation by the trustees and their advisers contributed to a smooth transaction and positioned the scheme well for the transition to Aviva.”
Archer said the professionalism, collaboration, and shared approach shown by the team involved in the transaction were “instrumental” in delivering a strong outcome for members.
Also commenting on the deal, XPS transaction lead, Patrick Lloyd, said the transaction was challenging but enjoyable, with the team pulling together to meet some tight timescales.
“The level of engagement from the insurers was excellent, which resulted in a competitive process, lots of choice for the trustee and company, and ultimately an insurer that met their requirements for the long-term future of the scheme,” he concluded.
