Marvin OnumonuJust Group has completed a £28m buy-in for the ELG Haniel Metals Limited Pension and Assurance Scheme.
The deal, agreed with ELG Metals UK Limited, covers the benefits of 180 members, including 99 deferred members and 81 pensioners.
The transaction finished in less than five weeks after the trustees and their adviser Mercer identified favourable market conditions in November 2024.
Mercer was lead adviser, Walker Morris provided legal advice to the trustees, and Just Group was advised by in-house counsel.
Ross Breckon, business development manager at Just Group, said: “Leveraging our innovative, streamlined technology platform that delivers efficient pricing via Beacon, made it possible for us to execute a rapid, well-priced transaction for ELG when market conditions were favourable.
“Working closely with the trustees and adviser ensured the price met the scheme’s needs, and avoiding any changes in the required contribution from the sponsor.”
John Martin, risk transfer adviser at Mercer, said: “The trustees and sponsor were keen to do a deal in 2024, but it looked like time was against them; however, working closely with Just we were able to deliver an outcome that met the trustees’ and sponsor’s objectives.
“The flexibility that Just showed in their operations helped create the opportunity, and the project was a great blueprint for how insurers and advisers can work together.”
