Just Group completes £32m buy-in for the Reebok UK Retirement Benefits Scheme

Just Group has completed a £32m full scheme buy-in for the Reebok UK Retirement Benefits Scheme.

The deal covers benefits for all 452 scheme members, including 114 pensioners and 338 deferred members.

Zedra Governance Limited has been the trustee since 2022, represented by Phil Holland and Martin O’Brien. 

Mercer acted as lead risk transfer adviser, Eversheds Sutherland provided legal advice to the trustee and Just Group used its in-house legal team.

Ross Breckon, senior business development manager at Just Group, said: “Just was selected because it could deliver an effective de-risking journey following the initial transaction, while also accommodating non-standard pension increases and a consistent, high quality member experience. 

“We look forward to working with the Scheme on its long-term endgame objectives.”

Martin O’Brien at Zedra said: “We are delighted to have completed the buy-in. The members of the Scheme were very much at the forefront of our thinking when considering the options. 

“We are very grateful for the clarity and support provided by our advisors and by the Sponsor, including our administrators, Sanderson Law, for their support in getting the buy-in completed in a relatively short timeframe.