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 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.
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.
“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.”
Rachel Tranter, Chair of the Trustee for BESTrustees
“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.”
Anthony Kemp, Director at Deloitte
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