The Geoghegan & Company Staff Pension Scheme has secured a full scheme buy-in with Just Group.
The £1.5m transaction secures the benefits of all eight deferred members and eight pensioner members, completing the buy-in of all scheme liabilities.
The trustees began exploring a potential transaction in late 2023 and this was given impetus in early 2024 when the company merged with MHA. The scheme will now proceed to full buy-out and wind up.
“This is great news for our pension scheme, and we are particularly grateful to Broadstone for their expert guidance throughout this process. The company can progress its next chapter with MHA, free from the costs and risks of the legacy arrangement and, along with the trustees, safe in the knowledge that the members’ benefits have been secured,” said Euan Fernie, Chair of trustees.
Broadstone provided annuity broking advice. This added to their existing appointment for scheme actuary and administration services.
“Working with Broadstone on this transaction demonstrates Just’s commitment to delivering tailored solutions for smaller pension schemes. The Geoghegan & Company Staff Pension Scheme benefited from our innovative price monitoring and bulk quotation service, Beacon. This meant the scheme was in a position to transact quickly when market conditions were favourable and enabled the Trustees to secure their members’ benefits. There is a vibrant insurance de-risking market for schemes of all sizes and Just is delivering an outstanding service to small schemes, large schemes and everything in between,” said Alma Goyanes-Payne, Deal Manager at Just.
“I am really pleased to have been able to help the trustees and company achieve this significant milestone for the Scheme. It is rewarding to complete transactions for these smaller schemes, particularly in situations where securing benefits and removing defined benefit scheme risk provides reassurance to trustees and a clean slate for companies as corporate structures change,” added George Whitaker, Deal Lead at Broadstone.
Legal advice was provided to the trustees by Morton Fraser MacRoberts and to Just Group by their in-house team.
