Zarah ChoudharyJust Group has completed a £17m full-scheme buy-in with an unnamed pension scheme.
The transaction, which completed in October 2024, insured the benefits of all 54 scheme members which comprised 32 pensioners and 22 deferred members.
K3 Advisory led the transaction and gcTrustees was the professional Trustee for the Scheme supported by advisors including Cartwright Pension Trusts (investment) and CMS (legal).
In H1 2024, Just Group reported record total defined benefit (DB) sales of £1.9bn, up 31% from £1.4bn in H123, and completed 55 transactions, up 57% from 35 in H123.
The transaction demonstrated Just Group’s ability to help schemes of all sizes de-risk following its £1.8bn buy-in with G4S.
Ross Breckon, business development manager at Just Group, said: “Our innovative price monitoring and bulk quotation service, Beacon, enabled us to mobilise this transaction as soon as pricing conditions allowed.
“This created some flexibility around the transaction which was important given the complicated benefits structure and demonstrates Just Group’s ability to provide bespoke solutions.
“There is a vibrant insurance de-risking market for schemes of all sizes and Just are delivering an outstanding service to small schemes, large schemes and everything in between.”
Suresh Bhatt, director, gcTrustees Limited and chair of trustees, said: “The successful completion of this buy-in marked a significant milestone in the Scheme’s derisking journey which began over 5 years ago.
“Working collaboratively with a supportive Sponsor, Just and our team of advisers led by K3 Advisory ensured a smooth and efficient process.
“We are delighted to have secured this deal with Just demonstrating both the Sponsor’s and Trustees’ commitment to our members and safeguarding the long-term stability of the scheme.”
John Mayer, senior actuarial consultant at K3 Advisory, commented: “Preparing a smaller scheme for buy-in requires a high level of expertise, each step is crucial in getting in position to seize the right opportunity. So too is strong collaboration.
“Thanks to our strong relationships and deep market insight, we were able to do exactly that and provide a well-structured, tailored solution that delivers member security and strengthens the scheme’s position for the future.”
Martin Mercer, senior investment consultant at Cartwright Pension Trusts, said: “Being able to move quickly when opportunities arise is a key part of any investment strategy.
“When the opportunity to purchase a bulk annuity policy arose, we were able to work with the Trustees to reduce investment risk as far as practical without delay.
“Our nimble approach and partnership with K3 means our clients can take advantage of opportunities at short notice.”
