The Brother Staff Retirement Benefits Scheme has completed a £56m bulk purchase annuity buy-in with Just Group.
The scheme is sponsored by Brother International Europe Limited and Brother UK Limited, part of the Brother Group, a Japanese-based manufacturer of technology solutions.
The transaction completed in March 2025 and secures the benefits of all 679 scheme members, comprising 299 pensioners and dependents as well as 380 deferred members.
“We are very pleased that a strong partnership between the Trustees and the Sponsor has allowed us to successfully future-proof members’ benefits. A substantial cash contribution from the Sponsor, coupled with a robust broking process, meant that we were able to significantly accelerate our ambition of fully securing the Scheme’s liabilities. We look forward to partnering with Just to ensure that we continue to deliver high-quality services and benefits to our members,” said Susan Anyan at Capital Cranfield on behalf of the trustees.
“This was a complex transaction but we created certainty on price for the scheme by providing an investible gilts-based price lock. Just’s enhanced technology for pricing was key to successful execution, in particular the ability to offer flexibility on member benefits including updating to allow for GMP equalisation in a matter of days during exclusivity – which will enable a smoother and more efficient data cleanse. We are committed to delivering great outcomes for Schemes and providing excellent service to their members now and in the future,” added Ross Breckon, Business Development Manager at Just Group.
Isio was the lead broker on the transaction. Just Group received legal advice from Clifford Chance, whilst the trustees and the sponsor were advised by Eversheds Sutherland and Fieldfisher respectively. Preparatory work by the trustees was supported by Gallagher, which acted as administrator, scheme actuary and investment adviser.
“This deal is a great example of being ‘transaction ready’ with effective collaboration between the Trustees, Sponsor and advisers. We work with a large range of Japanese corporates and were able to leverage this expertise across the entire process as part of the broking exercise. This has resulted in a great outcome for members, the Trustees and the Sponsor,” said Paul Greenall, Partner at Isio.
