The Argent Group Europe Pension Scheme has secured a £16m full scheme bulk purchase annuity buy-in with Just Group. The transaction means that all members of the scheme now have their benefit entitlements insured, with this transaction with Just Group covering 215 members – 170 pensioners and 45 deferred members.
“The Trustee and Company were extremely grateful for the work conducted by Broadstone in preparing the scheme which resulted in an excellent outcome. The trustee board are also very thankful for the additional support that the Company provided the scheme to ensure that the premium could be settled in full. We now look forward to working with Just and Broadstone to progress the data cleanse period and are confident that our members will be well looked after in the future,” said Malcolm Connelly, Chair of the Trustee Board.
“The Scheme was very well prepared, and we were delighted to be selected by the Trustee for this transaction. Our well-established processes, including the use of our pricing service Beacon and close working relationship with Broadstone ensured the transaction process itself was highly efficient and should set the Scheme up well for the data cleanse to be carried out in a timely manner. We look forward to welcoming the Scheme members to Just,” added Alma Goyanes-Payne, Business Development Manager at Just Group.
Broadstone provided annuity broking, adding to its long-standing appointment as scheme actuary, investment consultant and administrator. Legal advice for the trustees was provided by CMS, with Just using internal legal counsel.
“Broadstone’s SM&RT Insure team was introduced to the Trustee at a very early stage, and we worked closely with the existing client team and legal advisers to ensure the Scheme was well prepared with a clear benefit specification and high-quality data. After a competitive process which produced some excellent pricing, the trustee selected Just Group. The initial work Broadstone conducted meant that the transaction process itself was extremely efficient, and it was a pleasure to work with the trustee, Company, Just and advisors to complete this deal,” said Mark Channon, Senior Actuarial Director and Deal Lead at Broadstone.