Ryan FowlerJust Group has completed a £56m full-scheme buy-in with the Brother Staff Retirement Benefits Scheme, securing the benefits of all 679 members. The scheme, sponsored by Brother International Europe Limited and Brother UK Limited, is part of the Japanese-based Brother Group. The transaction, which completed in March 2025, covers 299 pensioners and dependants along with 380 deferred members.
Isio acted as the lead broker, with Just receiving legal advice from Clifford Chance. The Trustees and Sponsor were advised by Eversheds Sutherland and Fieldfisher respectively, while Gallagher supported the Trustees with preparatory work as administrator, Scheme Actuary and investment adviser.
Ross Breckon, business development manager at Just Group, said: “This was a complex transaction but we created certainty on price for the Scheme by providing an investible gilts-based price lock. Just’s enhanced technology for pricing was key to successful execution, in particular the ability to offer flexibility on member benefits including updating to allow for GMP equalisation in a matter of days during exclusivity – which will enable a smoother and more efficient data cleanse. We are committed to delivering great outcomes for Schemes and providing excellent service to their members now and in the future.”
On behalf of the Trustees, Susan Anyan at Capital Cranfield, said: “We are very pleased that a strong partnership between the Trustees and the Sponsor has allowed us to successfully future-proof members’ benefits. A substantial cash contribution from the Sponsor, coupled with a robust broking process, meant that we were able to significantly accelerate our ambition of fully securing the Scheme’s liabilities. We look forward to partnering with Just to ensure that we continue to deliver high quality services and benefits to our members.”
Russell Brown, director of finance, HR and admin at Brother International Europe Limited, said: “Following a competitive bidding process we entered into an exclusivity period with Just, working alongside our advisers, the Trustees and their advisers to work through the finer details of the transaction. Following successful conclusion of that process, we are delighted to have completed the buy-in, securing the best possible benefits for the members and working with a partner committed to delivering long-term value to them, whilst also removing risk and volatility from our corporate balance sheet.”
Paul Greenall, partner at Isio, commented: “This deal is a great example of being ‘transaction ready’ with effective collaboration between the Trustees, Sponsor and advisers. We work with a large range of Japanese corporates and were able to leverage this expertise across the entire process as part of the broking exercise. This has resulted in a great outcome for members, the Trustees and the Sponsor.”
Tom Ridley, lead deal manager at Isio, added: “It is fantastic to see a buoyant market for transactions of this size, giving the Trustees and Sponsor genuine choice over the insurer they partnered with to secure members’ benefits for the long term. The detailed preparation undertaken by the Trustees and Sponsor, along with their advisers led to a smooth transaction with thorough consideration of the proposals made by insurers to achieve the best outcome for scheme members.”
