Standard Life has completed a £700m bulk purchase annuity transaction with the Deloitte UK Pension Scheme.
The deal, which was completed in January 2026, secures the benefits of pensioners and deferred members of the scheme’s legacy defined benefit section. It is expected to be followed by a move to full buyout by April 2026.
Standard Life will undertake Guaranteed Minimum Pension equalisation on behalf of the scheme following buyout. This will include both the calculation and implementation of GMP equalisation, reflecting additional responsibilities compared with a standard transaction.
Standard Life has worked with Deloitte UK, the trustee and their advisers since May 2025 in preparation for the transaction and the transition to buyout.
Aon acted as lead adviser on the transaction and provided actuarial advice to the trustee. The trustee was also advised by Isio on investment, GMP equalisation and administration, and by Eversheds. Standard Life was advised by CMS, while Deloitte UK was advised by Deloitte Legal.
Standard Life director of defined benefit solutions Kieran Mistry says: “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.”
BESTrustees chair of the trustee Rachel Tranter says: “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.
Deloitte director Anthony Kemp says: “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.”
Aon risk settlement partner Charlotte Quarmby says: “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. We hope that the fantastic outcome achieved on this transaction will give other schemes confidence that there are flexible routes through complex issues.”
