The Church of Scotland Pension Scheme for Ministers and Overseas Missionaries has completed a bulk purchase annuity buy-in transaction with Just Group.
This is the third scheme it has insured for The Church of Scotland Pension Trustees after two prior transactions, valued at a combined £75m, were completed in December 2024.
“We welcome this significant step forward in securing the retirement benefits of the members of the three Pension Schemes. Reaching this milestone reflects our long-standing commitment to those who have served the Church and we are grateful to everyone involved in bringing this to fruition,” said Rev Norman Smith, Chief Officer of the Church of Scotland Assembly Trustees.
“We have enjoyed working with the scheme’s trustees, in-house team and LCP on the previous buy-in transactions and are proud to have been selected again for the remaining Church of Scotland scheme. At Just, we take pride in the quality of our members’ experience and believe that our focus on this sets us apart. Our long-term commitment to ESG initiatives was also important to the trustees, as it is for us. We are pleased to secure the benefits of the scheme’s members for the years to come,” added Geraint Jones, Senior Business Development Manager at Just.
LCP were the lead transaction advisers to the trustees, with Addleshaw Goddard and Burness Paull providing legal advice, and XPS Group providing actuarial and investment advice. Legal advice to Just was provided by in-house counsel.
“It was a pleasure to work with the Trustees again on this process. It was important for the Trustees to balance a range of objectives where cost was not the only focus. Working through from the initial concept to transacting with Just involved all parties working closely together to get an attractive outcome for the Pension Trustees, the Church and the members,” said Nikki Ayriss, Partner at LCP.
