Two smaller and five micro schemes secure risk transfer deals
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The defined benefit scheme of Dr Martens has signed a £37.5m buy-in, while the Pensions Management Institute has completed wind-up of its scheme after a buyout, while a third insurer has taken on five very small schemes in a pilot of its streamlined service.
The Dr Martens Airwair Group Pension Plan, for the cult bootmaker, agreed a £37.5m buy-in with Pension Insurance Corporation, covering all 455 plan members. Trustee chair Paul Black from Pi Partnership said PIC had shown how its customer service and focus on sustainability will support members.
“Because of this, we know our members are in safe hands. The trustees and Dr. Martens worked collaboratively throughout the process to ensure a result that met both of their objectives in a timely fashion,” said Black.
Olivia Westwood, risk transfer actuary at Barnett Waddingham, said that an important feature of the transaction was simplifying the plan’s benefits where possible and selecting an insurer that could provide the required flexibility.
Matt Richards, head of oigination structuring at PIC, said: "Closing a deal involving such a globally recognised brand, and one I personally take pride in wearing, was a year-end highlight for me.”
The trustee was advised by consultants Barnett Waddingham, actuary and administrator XPS Group, law firm Baker McKenzie and fiduciary manager Schroders Solutions, while PIC took advice from lawyers HSF.
The Dr Martens Airwair Group Pension Plan, for the cult bootmaker, agreed a £37.5m buy-in with Pension Insurance Corporation, covering all 455 plan members. Trustee chair Paul Black from Pi Partnership said PIC had shown how its customer service and focus on sustainability will support members.
“Because of this, we know our members are in safe hands. The trustees and Dr. Martens worked collaboratively throughout the process to ensure a result that met both of their objectives in a timely fashion,” said Black.
Olivia Westwood, risk transfer actuary at Barnett Waddingham, said that an important feature of the transaction was simplifying the plan’s benefits where possible and selecting an insurer that could provide the required flexibility.
Matt Richards, head of oigination structuring at PIC, said: "Closing a deal involving such a globally recognised brand, and one I personally take pride in wearing, was a year-end highlight for me.”
The trustee was advised by consultants Barnett Waddingham, actuary and administrator XPS Group, law firm Baker McKenzie and fiduciary manager Schroders Solutions, while PIC took advice from lawyers HSF.
PMI scheme completes wind-up
A further transaction revealed on Tuesday came from the Pensions Management Institute (PMI) Retirement and Death Benefits Scheme, which has completed wind-up following a buyout with Legal & General. The defined benefit scheme of the body offering pension qualifications and training bought an insurance policy with L&G in March 2024, starting a buy-in and data cleanse process with advice from Barnett Waddingham. The scheme has now completed the wind-up process.
The trustees, represented by Andrew Cheseldine at Capital Cranfield and Chris Parrott at Bestrustees, are supported by Paula Lamb of Pensions Secretarial. They took legal advice from DLA Piper UK.
“We are proud to have supported the PMI as a longstanding client and would like to thank the Trustee and its advisers for their expert steer and close collaboration, which has enabled a quick and efficient post-transaction process and resulted in a very positive outcome for members,” said Beth Allison, head of post-transaction and wind-up at Barnett Waddingham.
Dominic Moret, who heads up origination and execution, UK PRT at L&G, said the scheme transitioned to buyout quickly using the firm’s streamlined service for smaller schemes, L&G Flow.
Aviva pilots streamlined service for micro schemes
Elsewhere, Aviva bagged five very small schemes in a pilot with consultancy Broadstone during summer 2025:
- a £5.3m buy-in, completed in September 2025, for a Scottish sawmilling company covering 14 pensioner and 9 deferred members;
- a £4.4m buy-in, completed in August 2025, for a West Midlands heavy manufacturer covering 43 pensioner and 16 deferred members;
- a £3.4m buy-in, completed in July 2025, for an East Midlands religious organisation covering 20 pensioner members;
- a £5m buy-in, completed in July 2025, for the UK division of a US-owned customer experience business covering 26 pensioner and 15 deferred members; and
- a £3.6m buy-in, completed in July 2025, for an independent school for children with special educational needs based in the North West of England that insures the benefits of 14 pensioners and 20 deferred members.
Broadstone said it worked closely with Aviva to identify well prepared small schemes to test Aviva Clarity at very small scheme sizes. The service is a streamlined risk transfer process for schemes up to £100m.
According to Broadstone, each scheme received a guaranteed quote that was within agreed affordability parameters and insured benefits through full buy-ins.
Tom Stockley at Aretas Trustees, the sole trustee in one of the transactions, said: “Insurer market access is certainly more challenging for very small schemes, so it was refreshing to complete this transaction efficiently and with greater certainty. It is encouraging that Broadstone and Aviva are working hard to improve outcomes for smaller schemes.”
Christopher Rice, head of trustee services at Broadstone, added: “We are really encouraged that Aviva wants to increase the number of deals they complete for schemes below £10m in premium size. There are so many schemes of this size ready to transact, and the increased competition in this area of the market can only be a good thing for scheme trustees, members and sponsors.”
