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Just Group completes £220m buy-in to secure Church of Scotland pension benefits

This deal secures the benefits for 2,800 pensioner members and 700 deferred members. 

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Just Group has completed a £220m buy-in for The Church of Scotland Pension Scheme for Ministers and Overseas Missionaries. 

This deal secures the benefits for 2,800 pensioner members and 700 deferred members. 

LCP acted as lead transaction adviser to the Trustees, with legal advice from Addleshaw Goddard LLP and Burness Paull LLP. 

XPS Group provided actuarial and investment advice. 

Just took legal advice from its own team.

Geraint Jones, senior business development manager at Just, said: “We have enjoyed working with the Scheme’s Trustees, in-house team and LCP on the previous buy-in transactions, and are proud to have been selected again for the remaining Church of Scotland scheme.

“At Just, we take pride in the quality of our members’ experience and believe that our focus on this sets us apart. 

“Our long-term commitment to ESG initiatives was also important to the Trustees, as it is for us.” 

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Jones added: “We are pleased to secure the benefits of the Scheme’s members for the years to come.”

Lin Macmillan, chair of trustees and Raymond Martin, vice chair of trustees, said: “Finding a competitively priced solution to reduce pension risk was important to the Trustees, but working with an insurer with a focus on sustainability and member experience was also imperative. 

“Following the success of the previous transactions with Just, we felt confident in working with them again to achieve long-term financial security for members. 

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“I would like to thank our fellow Trustees, the Church, Just, LCP, Burness Paull and XPS Group – all parties working together in a collaborative way made the transaction possible.”

Nikki Ayriss, partner at LCP, said: “It was a pleasure to work with the Trustees again on this process.  

“It was important for the Trustees to balance a range of objectives where cost was not the only focus.  

“Working through from the initial concept to transacting with Just involved all parties working closely together to get an attractive outcome for the Pension Trustees, the Church and the members.”

Rev Norman Smith, chief officer of the Church of Scotland assembly trustees, said: “We welcome this significant step forward in securing the retirement benefits of the members of the three Pension Schemes. 

“Reaching this milestone reflects our long-standing commitment to those who have served the Church and we are grateful to everyone involved in bringing this to fruition.”

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