Jessica BirdJust Group has completed a £7m buy-in for The McGregor Construction (Highlands) Limited Pension Plan, securing benefits for all members above Pension Protection Fund (PPF) compensation levels.
The transaction, finalised in April 2025, covers 66 pensioner and eight deferred members.
It followed the insolvency of McGregor Construction Highlands Limited in August 2022, which led to the scheme entering the PPF assessment process.
The buy-in was completed using Just’s bulk quotation platform, Beacon, which enabled the scheme’s advisers to test pricing and determine whether sufficient assets were available to secure benefits beyond PPF levels.
Once established, Just worked alongside PwC to assess the level of additional benefits that could be insured.
Ross Breckon, business development manager at Just Group, said: “Our innovative and streamlined technology platform, Beacon, offers efficient and flexible pricing capabilities – enabling the Scheme to meet its objective of ensuring members received the maximum benefit from the assets available.
“There was great collaboration between all the parties, resulting in a positive outcome for the Scheme members who will now receive benefits above PPF levels.
“This transaction shows that the insurance de-risking market continues to be dynamic and effective, supporting schemes of all sizes and with a variety of requirements.”
Stewart Graham, client director at Vidett, which acted as trustee for the scheme, said: “We’re delighted to have entered into the buy-in policy with Just Group PLC.
“This transaction will eventually see members receive benefits either at or, for many members, with an increase above PPF compensation levels.
“We’re pleased to share this positive news with members, who we know have had a difficult time over the last few years following the unfortunate liquidation of McGregor Construction (Highlands) Limited.
“The PPF provides a valuable safety net and a significant level of protection, but many members will now receive higher benefits than they might have expected because of the transaction with Just.
“The Trustees are pleased with this development and are very grateful to their advisers and the PPF for their help and commitment throughout this process.”
PwC acted as lead transaction adviser, with legal advice provided by CMS.
Broadstone was appointed as specialist administrator, and Just Group received legal counsel from its in-house team.
Sam Whalley, risk transfer deal lead at PwC, said: “We are proud to have led the advice to the Trustee on the buy-in in our role as a PPF+ risk transfer adviser and helping to secure benefits above PPF level for the Scheme’s members.
“This was a collaborative and efficient process, with all parties showing flexibility to achieve the best possible outcome for the Scheme’s membership.”
Dan Collins, relationship manager at the PPF, said: “Our priority is always to ensure the best possible outcome for members of schemes that enter PPF assessment.
“We are pleased that the collective efforts of advisers across our suite of panels have led to a prompt and positive outcome for the Scheme’s members, who can be assured of our continued support throughout this transition phase.
“We are proud to have played our part and once again see the impact our PPF panels make. Our sincere thanks go to the trustees and their advisers for collaborating so effectively.”
