Insurer Aviva PLC announced Wednesday that it had secured 700 million pounds ($1.076 billion) in pension liabilities through a bulk annuity buy-in with the U.K. pension fund of Swedish-Swiss electrification and automation firm ABB Limited.
The pension risk transfer transaction, which was completed in July, will secure the benefits of more than 4,450 pension members and more than 2,900 deferred members. The transaction, completed in July, included a 620 million pound in-specie asset transfer of U.K. and U.S. corporate bonds and U.K. government bonds, according to information from Aviva.
“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-capitalized and highly regulated insurance company,” said Carolan Dobson, chairperson of the ABB Plan, in a statement. “This is the fruition of several years of careful planning and we are delighted that the buy-in is now completed.”
Aviva managed $419 billion in assets, as of June 30, 2025. By most estimates, the U.K. PRT market is estimated to experience between 40 million and 50 million pounds in volume, annually, over the next few years, as companies determine how to manage their pension surpluses and ensure benefit payments.
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“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, in a statement.
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Tags: Aviva, Pension Risk Transfer
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