Marvin OnumonuJust Group has completed two full scheme buy-ins totalling £70m for The DFDS Group UK Pension Scheme and The DFDS Logistics Pension Scheme.
The deals secured benefits for around 980 members.
The DFDS Group UK Pension Scheme, with 394 pensioners and 374 deferred members, was completed at £53.7m.
The DFDS Logistics Pension Scheme, covering 115 pensioners and 96 deferred members, was completed at £16.7m.
Capita Pension Solutions acted as lead broker, with legal advice for Just Group from Hogan Lovells.
The trustees took advice from Pinsent Masons.
Peter Jennings, head of defined benefit sales at Just Group, said: “We’re extremely pleased to have secured the benefits of all the members of these two Schemes.
“Securing the Schemes’ liabilities is an important step as they move towards completing their de-risking journey.
“These transactions are the result of close collaboration between Capita Pension Solutions, the Trustee and scheme advisers, with our streamlined process enabling a swift and efficient buy-in that secures member benefits.”
Jennings added: “This is another example of a dynamic and effective de-risking market, with Just providing an outstanding service for schemes of all sizes and with a variety of requirements.”
Colin Parnell, director of de-risking & special projects at Capita Pension Solutions, said: “We are delighted to have helped the Trustees to find a secure home for members’ benefits.
“Capita Pension Solutions was the broker, Scheme Actuary, Consultant, Investment Adviser and Administrator to both schemes, which created significant efficiencies and a nimble approach to the project.
“By bringing both schemes to market at the same time and with a clear transaction plan, the Trustees were able to secure an excellent deal.”
Parnell added: “Completing the GMP equalisation conversion pre-transaction gave all parties confidence over the cost and timescales of the data cleanse process.”
Troels Kragh, chair of the trustee board of both schemes, said: “We are pleased to have secured members benefits with Just and would like to thank Capita Pension Solutions, Just, and, Pinsent Masons for their excellent work in helping us to complete the transaction.
“We were impressed with the way all the parties worked together and how Capita Pension Solutions were able to work quickly and efficiently with their consultancy and administration teams for both schemes, speeding up the process and allowing us to obtain competitive terms.”
