The McGregor Construction (Highlands) Limited Pension Plan has completed a bulk purchase annuity buy-in with Just Group. The deal completed in April 2025 and secures the benefits of 66 pensioner and eight deferred members at PPF+ levels.
This PPF+ transaction follows the scheme entering the Pension Protection Fund (PPF) assessment process after insolvency of the sponsor, McGregor Construction Highlands Limited in August 2022.
“We’re delighted to have entered into the buy-in policy with Just Group PLC (‘Just’) ,” said Stewart Graham, Client Director at scheme trustee Vidett.
“This transaction will eventually see members receive benefits either at or, for many members, with an increase above PPF compensation levels.
“We’re pleased to share this positive news with members, who we know have had a difficult time over the last few years following the unfortunate liquidation of McGregor Construction (Highlands) Limited. The PPF provides a valuable safety net and a significant level of protection, but many members will now receive higher benefits than they might have expected because of the transaction with Just. The trustees are pleased with this development and are very grateful to their advisers and the PPF for their help and commitment throughout this process,” Graham added.
“Our innovative and streamlined technology platform Beacon offers efficient and flexible pricing capabilities – enabling the scheme to meet its objective of ensuring members received the maximum benefit from the assets available,” added Ross Breckon, Business Development Manager at Just Group.
“There was great collaboration between all the parties, resulting in a positive outcome for the scheme members who will now receive benefits above PPF levels. This transaction shows that the insurance de-risking market continues to be dynamic and effective, supporting schemes of all sizes and with a variety of requirements,” Added Breckon.
PwC was lead transaction adviser. CMS provided legal advice for the trustee, Broadstone acted as the specialist administrator and Just Group was advised by in-house legal counsel.
“We are proud to have led the advice to the trustee on the buy-in in our role as a PPF+ risk transfer adviser and helping to secure benefits above PPF level for the scheme’s members. This was a collaborative and efficient process, with all parties showing flexibility to achieve the best possible outcome for the Scheme’s membership,” said Sam Whalley, Risk Transfer Deal Lead at PwC.
“Our priority is always to ensure the best possible outcome for members of schemes that enter PPF assessment. We are pleased that the collective efforts of advisers across our suite of panels have led to a prompt and positive outcome for the scheme’s members, who can be assured of our continued support throughout this transition phase. We are proud to have played our part and once again see the impact our PPF panels make. Our sincere thanks go to the trustees and their advisers for collaborating so effectively,” added Dan Collins, Relationship Manager at the PPF.
