Marvin OnumonuJust Group completed a £16m buy-in for the pension scheme of The Royal Star & Garter Home for Disabled Ex-Service Men and Women.
The transaction secures the benefits of 186 pensioners and 65 deferred members.
Royal Star & Garter, which supports veterans and their partners living with disability or dementia, sponsors the scheme.
Mercer acted as lead pension risk transfer adviser on the deal.
Mills & Reeve LLP provided legal advice to the trustee, with Just Group using its in-house legal team.
Jerome Johnston, deal manager at Just Group, said: “This deal demonstrates Just’s ability to work with schemes of all sizes and types, including charities, and to leverage our streamlined pricing service, Beacon, to deliver an actionable price, in a competitive process. We believe that we have achieved a great outcome for members.”
Alan Greenlees at Zedra Governance Limited and professional trustee to the scheme, said: “This has been a truly collaborative effort between the Trustee, Charity and all of our advisors, where we served a common objective of securing the best outcome for members.
“It has been a long-term strategic objective for the Trustee and Charity since before Zedra were first appointed and it is particularly rewarding to see this being achieved ahead of time.
“Just’s proposition really spoke to us about positive member experience and made the selection straightforward.”
Andy Cole OBE, CEO of Royal Star & Garter, said: “Royal Star & Garter is committed to delivering high quality care for veterans and their partners, and this is only achieved through our dedicated and skilled staff.
“Our priority when securing this transaction was to ensure that our valued retired team members had their benefits fully secured for the long-term.
“It has been positive working alongside the Trustee and Mercer to achieve this.”
Cara Gordon, risk transfer consultant at Mercer, said: “We are delighted to have worked with the Trustee and Just on this transaction.
“Using Mercer’s tried and tested, streamlined approach we received multiple insurer quotes, securing a deal that met both the Trustee and Charity’s selection criteria and fully supports the Scheme members.
“This transaction demonstrates Mercer’s ability to run an efficient competitive process in an evolving small scheme market to deliver an outcome that delivers value and puts members at the forefront.”
