The Scandinavian Airlines System (Investments) Limited Pension and Assurance Scheme – SAS Section has completed a £61.8m bulk purchase annuity buy-in with Just Group. The transaction was completed in November 2025 and secures the benefits of 708 Scheme members, including 222 pensioners and 486 deferred members.
“With long-term price monitoring via our pricing platform, Beacon, the Scheme had excellent transparency on cost. They were also highly committed to excellent member care, which is also a priority for Just. Working exclusively with the Trustees and advisors, we were pleased to deliver an affordable transaction that met all of the Trustees’ needs,” said Alma Goyanes-Payne, Business Development Manager at Just Group.
First Actuarial were the employee benefit consultant on the transaction. Legal advice was provided to the Trustee by Osborne Clarke and to Just Group by in-house legal counsel.
“We’ve been working closely with the trustees to improve the outlook of the scheme for several years. The trustees were looking for a buy-in, so we all worked around the affordability challenges of the sponsor, an airline that was undergoing a restructuring of its operations and finances. The situation called for an agile approach, with iterative negotiations and flexible processes, to secure the benefits for all members without requiring further cash from the sponsor,” said Declan Keohane, Partner and Head of Risk Transfer at First Actuarial.
