EQ RETIREMENT SOLUTIONS | JANUARY 2026
De-risking Project: Significant Buy Out transaction For Thales
A De-Risking project EQ delivered to assist the Trustees with a large-scale Buy-In transaction.
Pension buy-in transaction
On 1 December 2023, the Trustee agreed a significant £2.7 billion Bulk Purchase Annuity (BPA) transaction to insure all liabilities of the Thales UK Pension Scheme. This transaction secured the benefits of over 16,000 members, including 10,512 pensioner and dependant members, as well as 5,915 deferred members. The buy-in was executed in a single transaction, the Trustee appointed EQ to assist with the data cleansing work prior to Deed Poll in July 2025. Subsequently, the Trustee appointed EQ to complete the data cleansing work that was to be completed post Deed Poll.
At the time of writing, this Bulk Purchase Agreement (BPA) ranked among the largest completed in the UK by monetary value.
Systematic data cleansing process
As part of the due diligence checks conducted by the Trustee and the Insurer, several areas were identified as requiring data cleansing. The work needed to be completed before the Scheme administration could be transferred to the Insurer was highlighted. The issues were then categorised into individual groups, referred to as Data Correction Actions (DCA’s). More than 50 DCA’s were reviewed and completed before the Deed Poll was executed in July 2025.
A further 22 DCAs are in the process of being completed by EQ post Deed Poll.
Robust Project Planning
The EQ team began by conducting a thorough initial analysis of each Data Correction Action. Following this, they mapped out the approach for addressing each action, ensuring that any overlapping actions were identified and managed efficiently. The team prioritised targeting deferred members first, followed by pensioner and dependant members, to ensure a systematic and comprehensive data correction process.
The plan also incorporated when other stakeholders would need to be included such as the Scheme Actuary, Legal advisors, the Insurer, Trustees and company representatives.
Bespoke software Insurer Engine
EQ used its bespoke software which includes its Insurer Engine to enable real-time data exchange and validation across the administration and payroll systems, ensuring data consistency and integration with its supporting calculation tools. This also resulted in any changes to member data being automatically incorporated in the relevant Data Correction Actions.
The EQ Insurer Engine is designed to facilitate well proven data exchanges with insurance companies. It enables EQ to assess data on the Compendia administration and payroll systems without the need for separate data storage. This engine allows EQ to integrate data from our supporting calculation systems effortlessly. Additionally, the Insurer Engine performs a series of data and validation checks to ensure data consistency across multiple tables and fields before and after any changes to the database.
Technical Notes
For each Data Correction Action, a comprehensive Technical Note was prepared. This document outlined the specific requirements for the action, detailed the associated Data Correction Actions, and identified the relevant population affected. It also described the calculation approach used, provided a summary of the results, and included considerations for future administration. Finally, the Technical Note outlined the next steps to be taken.
Each Technical Note was meticulously prepared by considering the Benefit Specification, Trust Deeds & Scheme Rules, and historic Administration practices.
Address Verification, Data Gathering and Mortality Checks
The Trustee required EQ to identify and correct any inaccuracies or missing data related to the Beneficiary's Date of Birth, Gender, National Insurance number, and Address. EQ approached this task in several ways, including writing to each Beneficiary to verify the data held. Additionally, EQ independently verified the data for each Beneficiary using the electronic services of three industry-leading agencies specializing in specific areas. This included conducting mortality checks, verifying addresses, and locating members with missing addresses, including those overseas.
Benefit verification and rectification
EQ was tasked with running a comprehensive series of benefit calculations to ensure that pensioner and dependant members were receiving the correct pension amounts. This process included identifying and calculating any overpayments, underpayments, and the associated interest for members requiring corrections. To achieve this, EQ deployed their generic reconstruction and rectification toolkit, which was seamlessly integrated with both the administration system and the Insurer Engine.
One specific area of focus during the review was the contingent spouse pension (CSP) amounts and tranches. A combination of methods was employed to ensure that accurate CSP values were maintained for each pensioner record. This meticulous approach ensured that all calculations were precise and that any discrepancies were promptly addressed, thereby safeguarding the financial well-being of the members.
Project Closure – What went well
- Strong cross-functional collaboration – EQ engaged with all stakeholders including the Trustees, Employer, Insurers, Legal Advisors and the Scheme Actuary throughout the project.
- Implemented effective communication strategies – Weekly meetings were held with key stakeholders and which improved information sharing.
- Quality – EQ were focussed on ensuring members benefits were right first time and using Technical Notes to document complex calculations.
- Complex Issues – Complex issues were resolved by holding frequent working groups and deploying specialised software.
- Achieved Key Milestones – EQ produced a Statement of Work to agree key milestones for completion of the work. A bonus payment on attainment of the milestones was agreed and achieved across the Project.
- Delivery – All milestones and DCA’s were completed ahead of the initial deadline, allowing the Deed Poll to be executed within 24 months of the BPA being signed.
- Budget – EQ successfully completed the project within budget, after careful planning and consideration at the start of the project.
- Future Projects – EQ secured the next Phase of work on the Scheme, including GMP Equalisation. This work is expected to last until December 2026.
Phil Naybour acknowledged the critical role of EQ in managing the Data Correction Actions and administration transfer, which were initially considered key risk items. Despite initial concerns about meeting challenging project timeframes, EQ successfully completed all tasks on schedule.
When we started the project the DCAs and the admin transfer were highlighted as the key risk items that needed to be managed, and EQ was a critical supplier. There was indeed a degree of scepticism as to whether or not these items could be completed within the timeframe requirements, as, at inception, nobody knew exactly how to carry out this work. I am very pleased to say that both these items were achieved on time and I wanted to express my personal thanks to everyone in the EQ team that has contributed to this success.“
Phil Naybour, Director and Sponsor for Client
Systematic Data Cleansing
Robust Project Planning
Bespoke Software
Technical Notes
Address Verification, Data Gathering & Mortality Checks
Benefit Verification and Rectification
Project Closure
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