The Deutz Retirement Benefits Plan, sponsored by Deutz AG, a manufacturer of drive systems, has completed a bulk purchase annuity buy-in transaction with Just Group.
The transaction, worth £16m, was completed in only six weeks, and insures the benefits of 181 scheme members, comprising 70 deferred members and 111 pensioners.
“We have always prioritised keeping the promises made to our members, and this buy-in enables us to protect those commitments with confidence. We are grateful to Mercer for their skilled leadership in navigating the market, obtaining a competitive process, and helping us achieve our objectives. The timescales in which we requested the buy-in to be completed required tremendous effort from all advisers involved. Our special thanks go to the teams at Mercer, Shoosmiths, and Aptia for their support to the trustee throughout the process,” said Oliver Neu, Chairman at The Deutz Retirement Benefits Plan.
“Just’s investment in technology to deliver faster, more accurate pricing though our innovative Beacon service and creation of a streamlined execution process, empowers schemes to leverage favourable market conditions. Just’s technology-enabled solution is being successfully deployed for schemes of all sizes,” said Ross Breckon, Business Development Manager at Just Group.
Mercer acted as the lead risk transfer adviser for the scheme, Shoosmiths provided legal advice to the trustee, and Just received in-house legal support.
“Just facilitated a transaction to meet accelerated timescales so that the trustees could take advantage of favourable market conditions, securing members’ benefits in full. Even at the smaller end of the market, we successfully enabled a competitive process. This is great news for smaller pension schemes as it provides choice for trustees in a busy market,” said Suchi Dench, Risk Transfer Consultant at Mercer.
