DFDS, a provider of freight and passenger transport services for trade and travel, has completed two full scheme bulk purchase annuity buy-ins worth a combined £70m for the DFDS Group UK Pension Scheme and the DFDS Logistics Pension Scheme.
The transactions, completed in July 2025, secure the benefits of approximately 980 members across the two schemes. The DFDS Group UK Pension Scheme, comprising 394 pensioners and 374 deferred members was completed at a value of £53.7m. The DFDS Logistics Pension Scheme, which includes 115 pensioners and 96 deferred members, was completed at a value of £16.7m.
“We are pleased to have secured members benefits with Just and would like to thank Capita Pension Solutions, Just and, Pinsent Masons for their excellent work in helping us to complete the transaction. We were impressed with the way all the parties worked together and how Capita Pension Solutions were able to work quickly and efficiently with their consultancy and administration teams for both schemes, speeding up the process and allowing us to obtain competitive terms,” said Troels Kragh, Chair of the Trustee Board (of both schemes).
“We’re extremely pleased to have secured the benefits of all the members of these two Schemes. Securing the Schemes’ liabilities is an important step as they move towards completing their de-risking journey. These transactions are the result of close collaboration between Capita Pension Solutions, the Trustee and scheme advisers, with our streamlined process enabling a swift and efficient buy-in that secures member benefits. This is another example of a dynamic and effective de-risking market, with Just providing an outstanding service for schemes of all sizes and with a variety of requirements,” added Peter Jennings, Head of Defined Benefit Sales at Just Group.
Capita Pension Solutions was the lead broker on the transaction. Just Group received legal advice from Hogan Lovells, whilst the Trustees were advised by Pinsent Masons.
“We are delighted to have helped the Trustees to find a secure home for members’ benefits. Capita Pension Solutions was the broker, Scheme Actuary, Consultant, Investment Adviser and Administrator to both schemes, which created significant efficiencies and a nimble approach to the project. By bringing both schemes to market at the same time and with a clear transaction plan, the Trustees were able to secure an excellent deal. Completing the GMP equalisation conversion pre-transaction gave all parties confidence over the cost and timescales of the data-cleanse process,” said Colin Parnell, Director of De-Risking & Special Projects at Capita Pension Solutions.