The pension scheme of UK property services firm Hammerson Group has signed a £90m ($118m) bulk annuity deal with FTSE listed retirement specialists, Just Group.
Although the deal has only just been announced it was completed at the end of 2022, according to a press release from actuarial consultants LCP, which advised the trustees.
The deal insures retirement benefits for the entire pension scheme, the size of which was not disclosed in the release.
According to LCP, the bulk annuity transaction was the culmination of a pensions de-risking strategy which has seen Hammerson providing a corporate guarantee and injecting £55m into the fund between 2020 and 2022.
Just Group has been active in the UK pension risk transfer market in 2023, having signed a £94m ($120m) buy-in transaction with UK-based construction firm Mabey Holding Group, as well as a £40m deal with BUT Retirement Benefits Scheme, and a £190m buy-in for the Ibstock Pension Scheme.