Delivering a complex buy‑in with precision and collaboration

When the trustees of the Dr. Martens Airwair Group Pension Plan set out to secure a buy-in on a demanding timetable, they needed advisers who could bring clarity, pace and disciplined project management, while keeping member outcomes front of mind.

A strategic challenge with tight deadlines

The trustees set an ambitious objective: complete a buy-in by 31 March 2026 to align with the sponsoring employer’s financial year-end. Success would mean a competitive process in those timescales and selecting an insurer who could deliver their key objectives, including attractive pricing and high-quality administration services to look after their members for the long term. 

The plan’s benefit design added complexity. Features such as fixed actuarial factors and a DC switchback mechanism from an external master trust required careful consideration. A key concern was whether insurers could retain these benefit features that were valued by the plan’s members.

We were appointed as the trustees’ risk transfer consultant (project manager and broker for the transaction). Although we had a long-standing relationship with the employer, we had not previously provided any services to the trustees. That meant we could offer independent challenge while still bringing informed insight into the plan’s background.

Executing a clear, focused path to market

We delivered a structured approach built around aligned decision-making, maintaining momentum and carrying out early due diligence on the plan's benefits.

1. Alignment from the outset

We involved the trustees and Dr. Martens early to agree their objectives, timeline and insurer selection criteria. Joint meetings throughout ensured collaborative input at every stage, including from the member-nominated trustee, whose perspective helped shape member-focused priorities. This ensured all parties were aligned and the employer was able to plan well in advance for corporate accounting implications and communications.

2. Strong project management to keep pace high

We quickly assessed the position and then set a clear, realistic plan to deliver the trustees’ objectives, including: 

• Clear milestones and decision points agreed at the start.
• Well-defined roles and responsibilities so all advisers were focused on their area of expertise, with no duplication of work. 
• Data actions prioritised to focus on the key actions needed to approach the market (for example, spouse pension calculations, address tracing and marital status tracing), with non-critical work such as GMP projects sensibly deferred to protect the critical path.

We worked collaboratively with the plan’s other advisers to deliver this plan. We also provided cohesive monthly updates to the trustees and employer, incorporating updates from all advisers, and more frequent updates during the critical phases of the project. 

This created an efficient route from market approach to completion in just under three months.

3. Tackling complex benefits early to protect outcomes

We identified benefit areas likely to be difficult or costly to insure at an early stage. This gave the trustees time to obtain targeted actuarial and legal advice on simplification options, and to collaborate with their advisers to structure a solution for each area of complexity. 

We also used a two-stage insurer feedback process to understand which insurers could genuinely deliver the plan’s requirements. This meant the trustees only worked with insurers capable of meeting their objectives, improving efficiency of the process and keeping member outcomes at the forefront.

Clear results, strong governance, positive member outcomes

Results delivered:

• Successful completion of a £37.5m buy-in transaction between the Trustees and Pension Insurance Corporation (PIC).
• Competitive process run with two insurers taken forward in a focused market approach.
• Buy-in completed more than three months ahead of the 31 March 2026 deadline – less than a year from our appointment. 
• A transaction that delivered on the trustees’ objectives, including competitive pricing and high-quality administration services. 
• The trustees retained benefit features and flexibility most valued by members but in a cost-efficient and practical way.

"The BW Risk Transfer team worked collaboratively with the trustees, Dr. Martens and our other advisers throughout the process to ensure a result that met our objectives in the required timescales. Nikhil Patel and Olivia Westwood provided clear advice at each stage, enabling us to make informed decisions and secure the features most important to members. Olivia’s project management ensured the process ran smoothly from start to finish."

"It was a pleasure working with the trustees and Barnett Waddingham on this transaction. Dr. Martens’ heritage is impressive. Its commitment to creating durable, world-class products for customers truly reflected PIC’s core values. Our customer-focused mindset and dedication to securing long-term security for our current and future policyholders fully met, and even exceeded, the trustees’ objectives for this plan."

What happened next

Following the successful buy-in, the trustees appointed BW’s specialist post-transaction team to support the next phase towards buyout and wind-up.

"We are delighted to have led this transaction on behalf of the trustees, securing member benefits less than a year from our appointment. Addressing the plan’s unique benefit complexities required strong collaboration across advisers and with the insurer – ultimately delivering a fantastic outcome for members."