The Ridsdale Pension and Death Benefit Trust has completed a £7m full scheme bulk purchase annuity buy-in with Just Group, securing the benefits of 30 members – 22 pensioners and 8 deferred members.
The deal includes a contractual obligation to complete the buy-out by summer 2026; to that end, Just has assumed responsibility for key elements of the data cleanse journey, in particular the GMP (Guaranteed Minimum Pension) equalisation.
“Just was selected because they can support data cleanse and GMP equalisation, with a guaranteed buy-out process that will complete ahead of the corporate timeline. This was a crucial factor for us and we’re pleased that we have been able to secure our members’ benefits even with a very tight deadline for wind up,” said Nadeem Ladha, Trustee at Aretas Trustees.
“We’re very pleased to have helped the Ridsdale scheme navigate a complex corporate timeline with confidence, accelerating the path to buy-out. We believe that insurers are in a unique position to take on more of the data cleanse and GMP work and with greater control, we can commit to firmer timelines for reaching buy-out. We are proud to yet again be breaking new ground in the vibrant bulk annuity market to deliver great scheme and member outcomes. This transaction will demonstrate that delivering a quicker, more cost-effective buy-out process can be achieved, with a commitment the trustee and sponsors can rely on,” said Rob Mechem, Director of Commercial at Just Defined Benefits.
The Trustees, Aretas, were advised by PwC as the lead risk transfer advisers for the scheme, Gowlings provided legal advice to the trustee and Just Group was advised by CMS and internal legal counsel.
“We are delighted to have supported the trustee and sponsor in delivering this buy-in with a clear, defined path to buy-out. Transactions like this demonstrate that the market continues to evolve, with insurers and advisors offering new solutions and opportunities for schemes with clear objectives,” said James Keates, Risk Transfer Deal Lead at PwC.