Deloitte UK’s defined benefit (DB) pension scheme has completed a £700m bulk purchase annuity (BPA) transaction with Standard Life, securing the benefits of all pensioners and deferred members of the legacy defined benefit (DB) scheme.
The transaction, completed in January 2026, will be followed by an accelerated move to full buyout by April 2026.
As part of the transaction, Standard Life will equalise Guaranteed Minimum Pensions (GMP) on behalf of the scheme following buyout.
This will involve Standard Life taking on additional responsibilities compared to a typical transaction, undertaking both the calculation and implementation of GMP equalisation as part of a bespoke solution.
This approach, according to the insurer, removed the key operational barrier to meeting the scheme’s required timeline to full buyout.
Standard Life has been working closely with Deloitte UK, the trustees and their advisers since May 2025 in readiness for the initial transaction and transition to buyout.
It detailed that this early engagement included: undertaking data cleansing and benefit validation work; refining the scheme’s investment strategy and management of illiquid assets; and transitioning administration services in parallel with the wider buy-in process to build momentum towards buyout.
Aon was the lead adviser on the transaction and provided actuarial advice to the trustees, who were further advised by Isio across investment, GMP equalisation and administration, and Eversheds. Standard Life was advised by CMS. Deloitte UK was advised by Deloitte Legal.
Rachel Tranter, chair of trustees for BESTrustees, said: “Our requirements from the outset were very specific and partnering with an insurer that could deliver on the approach and member outcomes was crucial. The challenges we faced were not new, but we needed fresh thought from our advisers and the selected insurer to solve them.”
Kieran Mistry, director of DB solutions at Standard Life, added that Standard Life committed to delivering “a bespoke approach to one of the knottiest challenges in our industry, taking over equalising members’ GMP following buyout, a solution which could unlock de-risking solutions for select schemes grappling with completing this exercise”.
