The Engineering Council Pension Scheme has completed a bulk purchase annuity buy-out with Just Group. The £9m transaction, which completed in April, secured the benefits of around 90 members.
“The trustees are pleased to have completed this buy-out, which secures members’ benefits and represents a key milestone in the Scheme’s journey towards full de-risking. We are grateful to all our advisers for their collaboration and expertise throughout the process and for helping deliver a smooth outcome for our members,” said Colin Porter, Chair of Trustees, Engineering Council Pension Scheme.
Cartwright acted as scheme administrator, actuary, consultant and secretary, as well as lead adviser to the trustees. Dean Wetton Advisory (DWA) acted as broker, and legal advice was provided by Shoosmiths.
“Securing members’ benefits remains the core objective of every buy-out transaction and this deal demonstrates the value of bringing together the right expertise to support trustees throughout the process. Every scheme is different, and achieving the best outcome depends on understanding those differences from the outset. From funding position and governance requirements to member profile and transaction objectives, there is no one-size-fits-all approach. Our role is to help trustees navigate that complexity by ensuring the right support is in place at the right time, with every decision focused on delivering long-term security and the best possible outcome for members,” said Tony Grist, Director at Cartwright Pension Trusts.
“Completing this buy-out for the Engineering Council is a proud moment. It demonstrates the value of an independent approach and a commitment to protecting client interests at every stage of the risk transfer journey. Our team brought together rigorous project management, deep private markets expertise and a relentless focus on value for money. This transaction showcases how schemes can successfully navigate complexity, secure strong terms and deliver a smooth transition for members,” added Dean Wetton, Managing Director at DWA.
