The pension scheme of British and Irish retailer, Timpson Group, has completed a u00a3100m full scheme buy-in with Just Group, covering the retirement benefits for 369 pensioners and nearly 7000 deferred members.
nThe deal was conducted at a hectic pace and was completed in just under eight weeks, a timeframe which according to K3 Advisory, which led the deal, was the result of excellent data and record keeping by the pension scheme.
nIn addition to K3 Advisory, Western Pension Solutions (WPS) advised Timpsons. Legal advice was provided to the trustee by Gateley, while XPS acted as the administrator and investment adviser to the scheme and First Actuarial were the scheme actuary.
nA few days ahead of the deal with Timpson, Just Group completed a u00a340m buy-in transaction with the trustees of the BUT Retirement Benefits Scheme.
nThe transaction covers 111 pensioners and 149 deferred members and completes the buy-in of all scheme liabilities which will now proceed to full buy-out and wind-up.
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