UK financial services company Just Group has completed a £17m full-scheme buy-in with an unnamed pension scheme.
The transaction, which completed in October 2024, insures the benefits of all 54 scheme members which comprise 32 pensioners and 22 deferred members.
“Our innovative price monitoring and bulk quotation service, Beacon, enabled us to mobilise this transaction as soon as pricing conditions allowed. This created some flexibility around the transaction which was important given the complicated benefits structure and demonstrates Just Group’s ability to provide bespoke solutions. There is a vibrant insurance de-risking market for schemes of all sizes and Just are delivering an outstanding service to small schemes, large schemes and everything in between,” said Ross Breckon, Business Development Manager at Just Group.
K3 Advisory were the advisors leading the transaction and gcTrustees were the professional Trustee for the Scheme supported by advisors including Cartwright Pension Trusts (investment) and CMS (legal). Just Group used in-house legal support.
“The successful completion of this buy-in marked a significant milestone in the Scheme’s derisking journey which began over 5 years ago. Working collaboratively with a supportive Sponsor, Just and our team of advisers led by K3 Advisory ensured a smooth and efficient process. We are delighted to have secured this deal with Just demonstrating both the Sponsor’s and Trustees’ commitment to our members and safeguarding the long-term stability of the scheme,” said Suresh Bhatt, Director, gcTrustees Limited and Chair of Trustees.
“Preparing a smaller scheme for buy-in requires a high level of expertise, each step is crucial in getting in position to seize the right opportunity. So too is strong collaboration. Thanks to our strong relationships and deep market insight, we were able to do exactly that and provide a well-structured, tailored solution that delivers member security and strengthens the scheme’s position for the future,” added John Mayer, Senior Actuarial Consultant at K3 Advisory.
