The Deloitte UK pension scheme section of the Pensions Master Plan – Isio’s defined benefit master trust – has concluded a £700m buy-in covering all pensioner and deferred members, with the insurer agreeing to equalise GMPs.

The deal with Standard Life completed in January and will be followed by an accelerated move to full buyout by April 2026, according to the insurer.

After the buyout, Standard Life will take care of the calculation and implementation of GMP equalisation as part of a bespoke solution for the scheme. The insurer said this approach removes the key operational barrier to meeting the scheme’s required timeline to full buyout.

Standard Life has been working with Deloitte UK, the trustee and their advisers since May 2025, carrying out 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.

“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,” said trustee chair Rachel Tranter from Bestrustees.

Anthony Kemp, director at Deloitte, said the firm is delighted to been able to secure all its DB members’ benefits, adding: “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.”

Kieran Mistry, director of defined benefit solutions at Standard Life, said the transaction was made possible through the 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,” he said.

Mistry said the insurer taking over the equalisation of members’ GMPs following buyout “could unlock derisking solutions for select schemes grappling with completing this exercise”.

Aon was the lead adviser on the transaction and provided actuarial advice to the trustee. Risk settlement partner Charlotte Quarmby said the 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,” she said. “We hope that the fantastic outcome achieved on this transaction will give other schemes confidence that there are flexible routes through complex issues.”

Isio advised the trustee on investment, GMP equalisation and administration, with legal advice provided by Eversheds. Standard Life was advised by law firm CMS, and Deloitte UK took advice from Deloitte Legal.

Isio is linked to Deloitte by more than its DB master trust. It bought Deloitte’s pensions and benefits consulting business in 2023, having itself spun out of KPMG in 2020 with investment from Exponent Private Equity. In 2024, Aquiline Capital Partners took a majority stake in Isio.
   

 

Elsewhere, Argent Group has insured the benefits of all previously uninsured scheme members in a £16m buy-in with Just Group. The deal was completed in November 2025, covering 170 pensioners and 45 deferred members, and was made possible thanks to funding from Argent Holdings.  

Broadstone provided annuity broking, having already held the roles of scheme actuary, investment consultant and administrator. Legal advice was provided to the trustees by CMS, with Just using internal legal counsel.  

Trustee chair Malcolm Connelly said: “The trustee and company were extremely grateful for the work conducted by Broadstone in preparing the scheme which resulted in an excellent outcome. The trustee board are also very thankful for the additional support that the company provided the scheme to ensure that the premium could be settled in full. We now look forward to working with Just and Broadstone to progress the data cleanse period and are confident that our members will be well looked after in the future.” 

Mark Channon, senior actuarial director and deal lead at Broadstone, said: “After a competitive process which produced some excellent pricing, the trustee selected Just Group.” 

Alma Goyanes-Payne, business development manager at Just, added: “The scheme was very well prepared, and we were delighted to be selected by the trustee for this transaction. Our well-established processes, including the use of our pricing service Beacon and close working relationship with Broadstone ensured the transaction process itself was highly efficient and should set the scheme up well for the data cleanse to be carried out in a timely manner.”