The MGN Pension Scheme, sponsored by Reach plc, has completed a bulk purchase annuity buy-in transaction with Just Group. The MGN Pension Scheme provides pensions for former employees of Mirror Group Newspapers.
The buy-in, which completed in November 2024, insures the benefits of approximately 1,300 in-payment members, a proportion of the scheme’s overall membership. The buy-in is the first for the scheme and was structured in a way to ensure any future transactions with Just can be completed efficiently.
“We are pleased to have completed this pensioner buy-in with Just. It is a significant step on our goal to providing long-term security for members’ pensions. LCP ran a thorough selection process to help the trustee choose Just and we worked closely with the sponsor to agree a transaction structure that achieved all parties’ objectives,” said Quentin Woodley, Chair of Trustees.
“We’re very pleased to have completed this initial pensioner-only buy-in and to provide long-term security for more than 1,000 members. We look forward to working in partnership with the scheme’s trustees on their de-risking journey over the coming years. The insurance de-risking market is working positively for schemes of all sizes and Just is delivering an outstanding service to small schemes, large schemes and everything in between,” added Kishan Radia, Business Development Manager at Just Group.
LCP acted as the lead risk transfer advisers for the scheme with Travers Smith providing legal advice to the trustee and Aon acting as scheme actuary. Hymans Robertson and Slaughter and May advised the sponsor with Gowlings advising Just Group.
“It has been a privilege to work with the trustees to help structure and implement this important step. Just met the key selection criteria for the trustees and were pragmatic and commercial in their negotiation approach. We are working with a large number of schemes to implement buy-ins as the market continues to be highly active with strong competition for schemes of all sizes,” said Charlie Finch, Partner at LCP.
“It was a pleasure to work with the trustees to help them achieve this significant outcome for the scheme. All parties adopted a collaborative approach, and we enjoyed working closely with the wider trustee advisory team, Just, Reach and their respective advisers,” added Tom Green, Senior Counsel at Travers Smith.