Marvin OnumonuJust Group completed a £7m buy-in for the Ridsdale Pension and Death Benefit Trust, securing benefits for 30 members, including 22 pensioners and 8 deferred members.
The transaction included an insurer-led guaranteed minimum pension (GMP) equalisation and data cleanse process.
Just Group took on responsibility for this work using an agreed approach, with a contractual commitment to complete the buy-out by summer 2026 to support the corporate restructuring.
Both trustees, Aretas Trustees, and sponsor, the Ridsdale Trust (part of Goodfellow Cambridge Limited), were given peace of mind as the scheme moves towards wind up.
The insurer-led data cleanse and GMP equalisation were aimed at speeding up the journey to buy-out and cutting down on potential costs from long administrative processes.
Just Group expects this approach to become standard for similar schemes and plans to use it more in future.
Aretas Trustees was advised by PwC as lead risk transfer advisers, with legal advice from Gowlings.
Just Group was advised by CMS and its internal legal counsel.
Rob Mechem, director of commercial at Just Defined Benefits, said: “We’re very pleased to have helped the Ridsdale scheme navigate a complex corporate timeline with confidence, accelerating the path to buy-out.
“We believe that insurers are in a unique position to take on more of the data cleanse and GMP work and with greater control, we can commit to firmer timelines for reaching buy-out.
“We are proud to yet again be breaking new ground in the vibrant bulk annuity market to deliver great Scheme and member outcomes.”
Mechem added: “This transaction will demonstrate that delivering a quicker, more cost effective buy-out process can be achieved, with a commitment the trustee and sponsors can rely on.”
James Keates, risk transfer deal lead at PwC, said: “We are delighted to have supported the Trustee and Sponsor in delivering this buy-in with a clear, defined path to buy-out.
“Transactions like this demonstrate that the market continues to evolve, with insurers and advisors offering new solutions and opportunities for schemes with clear objectives.”
Nadeem Ladha, trustee at Aretas Trustees, said: “Just was selected because they can support data cleanse and GMP equalisation, with a guaranteed buy-out process that will complete ahead of the corporate timeline.
“This was a crucial factor for us and we’re pleased that we have been able to secure our members’ benefits even with a very tight deadline for wind up.”
Andrew Watson, chief financial officer at Goodfellow Cambridge Limited, said: “We are grateful to Just, the Trustees and the advisers for their collaborative and proactive approach that will ensure we can complete the buy-out in time to meet our corporate obligations in 2026.
“Our members are important to us and it was absolutely essential that their pensions be safeguarded into the future.”
