AA Pension Scheme

AA Pension Scheme

The AA Pension Scheme was established in 2013 as the corporate pension vehicle for The AA. Steve Delo serves as independent chair of the trustee board while Jay Stewart chairs the investment committee. The sponsoring employer is currently owned by TowerBrook Capital Partners, Warburg Pincus and Stonepeak. The scheme allocates 16.43 percent to private equity and maintains a growth portfolio that includes equities and other return-seeking assets. It holds a position in Taconic European Credit Dislocation Fund II. Geographic exposure centers on the United Kingdom with additional real estate holdings in North America. Two bulk annuity buy-ins with Canada Life, executed in 2018 and 2019, cover 4,300 pensioner and dependent members. Fiduciary management mandates were awarded in 2024 to Van Lanschot Kempen Investment Management UK Ltd and Cardano. Service providers include Crowe LLP as auditor, Aon as scheme administrator, Hogan Lovells as legal counsel and PAN Trustees for independent trustee services. The scheme reports an investment horizon of 10 to 20 years and a minimum ticket size of $10 million. Governance rests with A.A. Pensions Trustees Limited, which oversees funding agreements between the scheme and the sponsoring employer. No public information exists on succession planning or direct co-investment programs.