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BESTrustees and the Deloitte UK DB pension scheme completes £700m Bulk Purchase Annuity

BESTrustees client, the Deloitte UK pension scheme (DUKPS) section of the Pensions Master Plan, has concluded a £700 million Bulk Purchase Annuity (BPA) transaction with Standard Life, securing the benefits of all pensioner and deferred members of the legacy defined benefit scheme. 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. This will involve Standard Life taking on additional responsibilities compared to a typical transaction, undertaking both the …