Aviva completes £100m full scheme buy-in with the Iveco Limited Pension Scheme

Aviva has completed a £100 million bulk purchase annuity transaction with the Iveco Limited Pension Scheme, securing the benefits of all 225 deferred and 1,127 pensioner members. The transaction, which 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 in the future. This engagement helped ensure a clear understanding of Trustee priorities and allowed Aviva the opportunity to demonstrate its well-tested transition processes and commitment to meeting member needs.

The Trustee Board was chaired by David Archer of Zedra Governance Limited. XPS Group, acted as specialist de-risking adviser to the Trustee. Pi Partnership, represented by Simon Davies, acted as Secretary to the Trustee and Squire Patton Boggs LLP provided legal advice. XPS also acted as a Scheme administrator and Scheme Actuary. Lane Clark and Peacock (LCP) provided investment advice to the Trustee. Aviva’s legal advice was provided in-house.

John Fothergill, Senior Deal Manager at Aviva, said:

“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”.

David Archer, Zedra Governance Limited, said:

“Our focus is always on protecting members’ interests, securing their benefits and providing long-term certainty. The professionalism, collaboration and shared approach shown by the entire team involved in this transaction were instrumental in delivering an excellent outcome for members. We are pleased to have contributed to its success.”

Robert Gerdes, Head of Rewards, 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. I would like to personally thank the Scheme’s trustees, their advisers, Aviva and all those who have contributed to reaching this point.”

Patrick Lloyd, Transaction Lead, XPS, said:

“This was a really challenging but also enjoyable transaction, with everyone 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.”

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Notes

• We are the UK’s only diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
  
  
• We help our 25.2 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  
  
• We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2025, we paid £31.9 billion in claims and benefits to our customers.
• Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/about-us/our-people/
• As at 31 December 2025, total Group assets under management at Aviva Group were £454 billion and our estimated Solvency II shareholder capital surplus was £7.1 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  
  
• For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us