Broadstone advises Geoghegan & Company in £1.5m Just Group pensionbuy-In

Broadstone advised on a buy-in for the Geoghegan & Company Staff Pension Scheme with Just Group.

The scheme, from an Edinburgh-based firm now part of MHA, secured benefits for its eight deferred and eight pensioner members with a £1.5m deal, completing the buy-in of its liabilities.

Initially invested in a with-profits fund, the scheme saw asset growth while buy-out costs decreased due to rising interest rates.

A valuation in January 2023 showed a surplus, prompting transaction discussions in late 2023 and gaining momentum in early 2024 post-merger with MHA.

The scheme will now move towards a full buy-out and wind up.

Broadstone provided annuity broking along with existing actuarial and administrative services.

Morton Fraser MacRoberts LLP offered legal advice to the trustees, while Just Group’s in-house team did the same for them.

George Whitaker, deal lead at Broadstone, said: “I am really pleased to have been able to help the Trustees and Company achieve this significant milestone for the Scheme.

“It is rewarding to complete transactions for these smaller schemes, particularly in situations where securing benefits and removing defined benefit scheme risk provides reassurance to trustees and a clean slate for companies as corporate structures change.”

Euan Fernie, chair of trustees, said: “This is great news for our pension Scheme, and we are particularly grateful to Broadstone for their expert guidance throughout this process.

“The Company can progress its next chapter with MHA, free from the costs and risks of the legacy arrangement and, along with the Trustees, safe in the knowledge that the members’ benefits have been secured.”

Alma Goyanes-Payne, deal manager at Just Group, said: “Working with Broadstone on this transaction demonstrates Just’s commitment to delivering tailored solutions for smaller pension schemes.

“The Geoghegan & Company Staff Pension Scheme benefited from our innovative price monitoring and bulk quotation service, Beacon.”

Goyanes-Payne added: “This meant the Scheme was in a position to transact quickly when market conditions were favourable and enabled the Trustees to secure their members’ benefits.

“There is a vibrant insurance de-risking market for schemes of all sizes and Just is delivering an outstanding service to small schemes, large schemes and everything in between.”