Just Group completes £61.8m buy-in for Scandinavian Airlines System Limited

Just Group completed a £61.8m buy-in for the Scandinavian Airlines System (Investments) Limited Pension and Assurance Scheme – SAS Section. 

The deal secures benefits for 708 members, including 222 pensioners and 486 deferred members.

First Actuarial acted as employee benefit consultant, with legal advice to the trustee from Osbourne Clarke LLP and to Just Group from its inhouse legal team.

Alma Goyanes-Payne, business development manager at Just Group, said: “With long-term price monitoring via our pricing platform, Beacon, the Scheme had excellent transparency on cost. 

“They were also highly committed to excellent member care, which is also a priority for Just. 

“Working exclusively with the Trustees and advisors, we were pleased to deliver an affordable transaction that met all of the Trustees’ needs.”

Declan Keohane, partner and head of risk transfer at First Actuarial, said: “We’ve been working closely with the Trustees to improve the outlook of the Scheme for several years. 

“The Trustees were looking for a buy-in, so we all worked around the affordability challenges of the Sponsor, an airline that was undergoing a restructuring of its operations and finances.