Marvin OnumonuJust Group has completed a £120m buy-in for the South East Water Pension Scheme to secure benefits for around 700 pensioner and dependent members and nearly 300 deferred members.
This was the second transaction aimed at guaranteeing all member benefits, including complex non-standard benefits.
Geraint Jones, business development manager (BDM) at Just Group, said: “We are delighted to have collaborated for a fourth time with the trustee and for a second time on this scheme.
“This second transaction secured all the remaining members’ benefits, including those whose non-standard benefits had previously been difficult to insure.
“The de-risking process is now complete and the member benefits secured.”
Jones added: “Member experience and a proactive approach to ESG were also important to the trustee so we are proud that our track record and approach could meet their needs.
“We look forward to providing a brilliant member experience for the scheme’s members in the years to come.”
Jo Stimpson, chair of the trustee at South East Water, said: “We are delighted to have completed the Scheme’s final buy in, marking the successful conclusion of a significant de-risking journey to enhance the long-term security of our members’ pensions.
“This achievement has been made possible through years of close collaboration with South East Water and the invaluable guidance of our advisers, ensuring the best possible outcome for our members.”
Andrew Farmer, chief financial officer at South East Water, stated: “The completion of this latest buy-in is an important step in further de-risking our pension liabilities while strengthening the security of members’ benefits.
“This milestone is the result of a well-executed strategy developed years ago and has been achieved through a strong partnership with the Trustee, reinforcing our commitment to long-term certainty for both our pension scheme members and the Company.”
Iain Church, head of core transactions at Hymans Robertson, said: “It has been a pleasure to work with the Trustee and the sponsor over many years to help position the scheme for this significant transaction.
“The buy-in represents a fantastic outcome for members, securing their benefits with a highly respected insurer.
“Given the scheme’s benefit complexities, which are common to the water industry, the flexibility and expertise demonstrated by Just was instrumental in ensuring this transaction met all of the Trustee’s requirements.
“We are delighted to have played a role in achieving this milestone.”
