Iconic footwear brand Dr Martens has insured its defined benefit (DB) pension scheme through a £37.5m buy-in with Pension Insurance Corporation (PIC).
The transaction covers 455 members of the Dr Martens Airwair Group Pension Plan, and was completed less than a year after Barnett Waddingham was appointed to lead the risk transfer process, according to the consultancy group.
Olivia Westwood, risk transfer actuary at Barnett Waddingham, said: “An important feature of this transaction was dealing with the plan’s unique benefits, simplifying complexity where possible and then selecting an insurer that could provide the flexibility needed. This was made possible by strong collaboration between the trustees, Dr Martens, and all the advisers in the planning phase and ultimately working with PIC to achieve this fantastic outcome for members.”
Paul Black of Pi Partnership, chair of trustees for the Dr Martens Airwair Group Pension Plan, said: “[PIC] showed throughout the process how its long track record of excellent customer service and commitment to sustainability will support our members for the long term. 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.”
The process was led by Barnett Waddingham as risk transfer consultant, while Baker McKenzie provided legal advice to the trustee board. PIC was advised by Herbert Smith Freehills Kramer.
Matt Richards, head of origination structuring at PIC, added: “It has been a pleasure working with the trustees and their advisers. Closing a deal involving such a globally recognised brand, and one I personally take pride in wearing, was a year-end highlight for me.”
PMI completes buyout of DB scheme
The Pensions Management Institute (PMI) has completed a full scheme buyout for its legacy DB plan, according to its adviser Barnett Waddingham.
The PMI Retirement and Death Benefits Scheme has now wound up, with all members now having their benefits paid by Legal & General. The trustees – led by Capital Cranfield’s Andy Cheseldine and Bestrustees’ Chris Parrott – originally secured a buy-in in March 2024.
According to the PMI’s latest annual accounts, the DB scheme had just over £1.5m in assets at the end of 2024.
Dominic Moret, head of origination and execution for UK pension risk transfer at Legal & General, said the project was “a great example of how pension schemes can transition to buyout swiftly and efficiently”. The process utilised the insurer’s Flow service, specially designed for small pension schemes.
Aviva tests small scheme service with five micro deals
Consultancy group Broadstone has revealed five sub-£10m buy-ins completed in the second half of 2025 as part of a “pilot exercise” for Aviva’s Clarity proposition for small DB pension schemes.
The buy-ins ranged in size from £3.4m to £5.3m, insuring 177 members in total. As well as Clarity, the transactions also made use of Broadstone’s SM&RT pricing tool for bulk annuities.
| Date completed | Sponsoring employer | Size | Pensioners | Deferreds | Total members |
|---|---|---|---|---|---|
| July 2025 | North-west-based independent school | £3.6m | 14 | 20 | 34 |
| July 2025 | US-owned customer experience business | £5m | 26 | 15 | 41 |
| July 2025 | East Midlands religious organisation | £3.4m | 20 | 0 | 20 |
| August 2025 | West Midlands heavy manufacturer | £4.4m | 43 | 16 | 59 |
| September 2025 | Scottish sawmilling company | £5.3m | 14 | 9 | 23 |
According to Broadstone, all five schemes were “concerned about the accessibility of a bulk annuity transaction in the current market”.
Christopher Rice, head of trustee services at Broadstone, added: “We are really encouraged that Aviva wants to increase the number of deals it completes 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.”
One of the deals involved Aretas Trustees as the sole trustee. The firm’s Tom Stockley 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.”
