Marvin OnumonuStandard Life has completed a £700m bulk purchase annuity (BPA) deal with the Deloitte UK pension scheme, which is part of the Pensions Master Plan.
The transaction secures the benefits of all pensioner and deferred members of the legacy defined benefit scheme.
The deal was completed in January 2026 and is set to move to full buyout by April 2026.
As part of the agreement, Standard Life will equalise guaranteed minimum pensions after the buyout.
This means Standard Life will handle both the calculation and implementation of GMP equalisation, taking on more responsibilities than usual.
This approach removed the main operational barrier to hitting the scheme’s timeline for buyout.
Since May 2025, Standard Life has worked with Deloitte UK, the trustee and advisers to prepare for the transaction and buyout.
This included data cleansing, benefit validation, changes to the investment strategy, handling illiquid assets, and shifting administration services during the buy-in process.
Aon acted as lead adviser and provided actuarial advice to the trustee.
Isio advised on investment, GMP equalisation and administration, with legal advice from Eversheds.
Standard Life was advised by CMS, and Deloitte UK was advised by Deloitte Legal.
Kieran Mistry, director of defined benefit solutions at Standard Life, said: “This transaction was made possible through the diligent efforts of the Trustee, the Firm and their advisers.
“In particular, the experience of Rachel Tranter of BESTrustees and Anthony Kemp of Deloitte UK was clear and instrumental in readying a highly complex Scheme with many different types of benefit structures as a result of historic acquisitions.
“We’re pleased to have been a part of this journey, partnering with the Scheme to repeatedly deliver solutions to their challenges and unique requirements and keep the project on track.”
Mistry added: “Most notably, this included Standard Life committing to deliver 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.
“We’re grateful to Deloitte for working with Standard Life to deliver on the Scheme’s complex requirements and delighted to build on our relationship with the Firm.”
Rachel Tranter, chair of the trustee for BESTrustees, said: “It has been an honour to lead the Trustee through this ambitious transaction.
“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.”
Tranter added: “The collaboration on the project helped us achieve our goals and a successful outcome for our members.
“Our work is not done yet, but I am looking forward to working with Standard Life and the adviser team on the next phase of this project.”
Anthony Kemp, director at Deloitte, said: “Deloitte UK is delighted we have been able to secure all our members’ benefits.
“This has been a priority for the Firm to do the best we possibly could for our membership.
“This outcome has only been possible by working collaboratively with the Trustee, Aon, Isio and Eversheds, and having full and thorough engagement with Standard Life throughout the process.”
Charlotte Quarmby, risk settlement partner from Aon, said: “From the outset our focus was on finding a practical way to meet the Scheme’s unique objectives, and then working with the market to make that possible.
“Through clear articulation of requirements, we engaged with insurers to shape a bespoke solution.
“Standard Life has shown how constructive collaboration between trustees, sponsor, advisers and the insurer can unlock opportunities for schemes, addressing some of the biggest challenges in the industry right now.”
Quarmby added: “We hope that the fantastic outcome achieved on this transaction will give other schemes confidence that there are flexible routes through complex issues.”
