Just Group has completed a £400m ($502m) full scheme buy-in with the pension scheme of an unnamed UK tech firm covering all scheme members.
The transaction will see about 2,500 pensioners and dependents and 1,500 deferred members of the scheme move to Just Group.
According to a press release by Just Group, the buy-in was the culmination of a ten-year de-risking plan by the scheme’s sponsor.
An unspecified premium was paid to secure the transfer.
Mercer acted as lead risk transfer adviser as well as insurer financial strength adviser, scheme actuary and investment adviser.
The trustees’ legal adviser was Eversheds Sutherland. Clifford Chance advised Just Group. The sponsor’s legal adviser was CMS and Isio provided corporate actuarial, investment and insurance advice.
Just Group signed a number of pension deals last year including a $330m buy-in with ITB, and two deals valued in the region of $120m with construction firm Mabey and property services company Hammerson.