The ELG Haniel Metals Limited Pension and Assurance Scheme, sponsored by ELG Metals UK Limited, has completed a £28m bulk purchase annuity buy-in contract with Just Group.
Just worked with the trustees and the adviser (Mercer) to complete the transaction in December 2024 and used Just’s pricing service, Beacon, which offers real-time executable pricing and a comprehensive technology stack for effective execution.
The buy-in insures the benefits of 180 scheme members comprising 99 deferred members and 81 pensioners.
“The trustees are delighted to have reached this milestone on the scheme’s journey. To achieve it over such a short timeframe was testament to Mercer’s hard work and proactiveness, as well as Just’s flexibility,” said Sue Perks, Chair of Trustees.
“Leveraging our innovative, streamlined technology platform that delivers efficient pricing via Beacon, made it possible for us to execute a rapid, well-priced transaction for ELG when market conditions were favourable. Working closely with the trustees and adviser ensured the price met the scheme’s needs and avoiding any changes in the required contribution from the sponsor,” added Ross Breckon, Business Development Manager at Just Group.
Mercer acted as the lead risk transfer adviser for the scheme, Walker Morris provided legal advice to the Trustees and Just Group was advised by in-house legal counsel.
“The trustees and sponsor were keen to do a deal in 2024, but it looked like time was against them; however, working closely with Just we were able to deliver an outcome that met the trustees’ and sponsor’s objectives. The flexibility that Just showed in their operations helped create the opportunity, and the project was a great blueprint for how insurers and advisers can work together,” said John Martin, the lead risk transfer adviser at Mercer.
This transaction was one of 129 completed by Just Group in 2024.
