The Deloitte UK pension scheme section of the Pensions Master Plan has finalised a £700m bulk purchase annuity (BPA) deal with Standard Life, paving the way for a full buyout by April 2026.
The transaction – completed last month – secures the benefits of all pensioner and deferred members of the legacy defined benefit (DB) pension scheme.
Notably, Standard Life will take on the task of equalising guaranteed minimum pensions (GMP) on behalf of the Deloitte UK DB scheme following buyout, removing a key obstacle to meeting the scheme’s buyout timetable.
This includes carrying out both the calculation and implementation of GMP equalisation.
Deloitte director, Anthony Kemp, commented that securing all members’ benefits “has been a priority for the firm to do the best we possibly could for our membership”.
BESTrustees chair of the trustee, Rachel Tranter, added: “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. 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.”
Since May 2025, Deloitte UK, the trustees, Standard Life and the scheme’s advisers have been working together on data cleansing and benefit validation, refining the investment strategy and managing illiquid assets, while also transitioning administration services alongside the buy-in process to maintain momentum towards buyout.
Standard Life director of DB solutions, Kieran Mistry, explained that partnering with the scheme involved “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”.
Meanwhile, Aon risk settlement partner, Charlotte Quarmby, who provided actuarial advice to the trustee during the transaction, explained their focus was on finding a practical way to meet the scheme’s unique objectives, and then working with the market to make that possible.
“We hope that the fantastic outcome achieved on this transaction will give other schemes confidence that there are flexible routes through complex issues,” she said.
