The ITB Pension Funds’ Open Fund has signed a $330m (£290m) buy-in deal with UK retirement specialist Just Group, which means that all members’ benefits have now been insured.
This is the fifth and final transaction the ITB fund has conducted and, in a press release announcing the move, LCP ‑ who advised on the deal ‑ said that the timing had been accelerated following a recent material improvement in the scheme’s funding position.
The ITB Pension Fund was set-up in 1983 and provides retirement benefits to members of the Construction Industry Training Board.
Just Group has been active in the UK’s pension risk transfer (PRT) market in 2023.
The company recently struck a $120m deal with the pension scheme of construction firm Mabey, having previously agreed a $50m buy-in agreement with the BUT Retirement Benefits Scheme and a $240m transaction with Ibstock’s pension fund.
While the deal was announced on August 30, it is not clear when it was struck or will come into effect.
LCP has advised ITB on all five of its PRT deals.
