Standard Life said it has concluded a £700 million Bulk Purchase Annuity (BPA) transaction with the Deloitte UK pension scheme (DUKPS) section of the Pensions Master Plan, “securing the benefits of all pensioner and deferred members of the legacy defined benefit scheme.”
Standard Life said the transaction completed in January 2026 and is to 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,” said Standard Life.
“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 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 Trustee and their advisers since May 2025 in readiness for the initial transaction and transition to buyout.
“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 Trustee. The Trustee was 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.
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.
“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.”
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.”