The Ockham Pension Scheme has completed a £110m ($138m) buy-in with retirement specialists Just Group.
The Ockham Pension Scheme is sponsored by insurer LV=, and the deal secures benefits for about 700 members.
This is the third buy-in deal which has been sponsored by LV=, following the £40m full buy-in with Rothesay of the Teachers Assurance Group Pension Scheme in 2019, and the conversion of the LV= Employee Pension Scheme’s longevity swap into a £800m buy-in with Standard Life in 2020.
LCP was appointed as de-risking adviser to the trustee, with Redington providing investment advice on the asset transfer.
A&O provided transaction legal advice and Eversheds provided further advice to LV=, while Just Group was advised by Pinsent Masons.
Just Group has been an active player in the UK’s buoyant pension risk transfer market over the last 12 months. In February this year, it struck a $502m deal with an unnamed tech firm, while later that month it offloaded a similar amount of longevity risk to start-up Warwick Re.
Just Group also signed a number of midsized deals in 2023, including buy-ins with ITB, construction firm Mabey, and Hammerson.