The Transport Friendly Society Staff Pension Scheme, sponsored by Transport Friendly Society Limited, has completed a £3.3m bulk purchase annuity buy-in with Just Group.
The Scheme supports current and former employees of the Transport Friendly Society, a mutual organisation established in 1885 that offers membership to anyone associated with the transport and logistics industries, as well as their family and friends. The society provides sickness, hospitalisation and health cash plans along with tax-free savings plans and ISA products.
The buy-in, completed in June 2025, insures the benefits of all 30 members – 15 deferred and 15 pensioners.
“This transaction is a great example of how smaller schemes are benefitting from a dynamic and flexible insurance market. We used Beacon, our market-leading price monitoring and bulk quotation service, to provide the Scheme with a confirmed price very quickly following the latest data being received. This was supported by excellent collaboration between the Trustees, Just and the advisers as the transaction progressed. Just is committed to helping schemes of all sizes achieve their de-risking objectives and delivering an excellent member experience,” said Alma Goyanes-Payne, Deal Manager at Just Group.
“We are pleased to have successfully completed this buy-in, which marks an important milestone in securing the long-term benefits for our members. As trustees, our priority is to ensure that members’ pensions are protected and paid in full, and this transaction provides added security and peace of mind. We are grateful to our advisers for their support throughout the process and to our insurer partner for their collaborative approach,” said Chris Angell, Trustee of the scheme.
EY acted as the lead risk transfer advisers for the Scheme, Gowlings provided legal advice to the sponsor and Just Group was advised by in-house legal counsel.
“We are proud to have supported the Trustees in delivering this buy-in, which provides long-term security for members’ benefits. Transactions like this demonstrate that even smaller schemes can achieve meaningful de-risking outcomes with the right preparation and collaborative approach. It’s been a pleasure working with all parties to reach this important milestone,” said Eimear Kelly, Partner at EY.