# AA Pension Scheme

AA Pension Scheme is a Pension Fund based in Hampshire, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Hampshire, United Kingdom
- **Region:** Europe
- **Address:** Level 3, Plant, Basing View, Hampshire, United Kingdom
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** aapensions.com

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Diversified

## People

- Steve Delo — Independent Chair of the Trustee Board
- Jay Stewart — Chair of the Investment Committee

## Questions

### Who runs investment decisions at AA Pension Scheme?

Jay Stewart chairs the investment committee. Day-to-day implementation is delegated to fiduciary managers Van Lanschot Kempen and Cardano under mandates awarded in 2024.

### Does AA Pension Scheme participate in fund commitments or only direct deals?

The scheme commits to funds, including Taconic European Credit Dislocation Fund II, and maintains a 16.43 percent allocation to private equity.

### What investment stages does AA Pension Scheme typically target?

The scheme targets long-duration assets with a documented horizon of 10 to 20 years and ticket sizes between $10 million and $50 million.

### How is AA Pension Scheme related to The AA?

The AA is the sponsoring employer. TowerBrook Capital Partners, Warburg Pincus and Stonepeak own the employer and appear as business partners in scheme records.

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Last updated: 2026-06-03T20:00:00.000Z

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