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Just Group secures £160m buy-in for Hartwells Pension Plan

The deal covers benefits for 2,361 members. 

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Just Group secures £160m buy-in for Hartwells Pension Plan
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Just Group has completed a £160m full scheme buy-in for the Hartwells Pension Plan (1971), covering benefits for 2,361 members. 

The trustees received full scheme data in November and the transaction was finalised in early February. 

Just was the only insurer able to provide an indicative quotation in the timeframe needed, using its Beacon price monitoring platform.

Just will also work towards moving from buy-in to buy-out within 18 months, allowing Hartwell plc to remove pension risk from the balance sheet. 

GMP equalisation will be implemented directly by Just, reducing complexity, time and costs for the scheme.

The scheme was advised by Isio, Aon, LCP, CMS, MUFG and Vidett.

Kishan Radia, business development manager at Just, said: “This transaction highlights the importance of early affordability testing and decisive execution. 

“By leveraging Beacon to provide quick, no-cost indicative pricing, we were able to give the Trustees confidence that a full insurance solution was achievable, and that they could secure all of their members’ benefits. 

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“In situations where covenant concerns and corporate timelines are aligned, speed and collaboration are critical.”

Radia added: “We are pleased to support the Hartwells Pension Plan (1971) on its journey to full buy-out and to deliver long-term security for its members.”

Kevin Kenneally, client director at Vidett, said: “Hartwells and the Trustees have a long history of close collaboration and achieving this risk transfer was the culmination. 

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“Having a sponsor that was engaged with exploring all risk transfer options, as well as funding the transaction, achieved a really positive outcome for the Plan and its members. 

“We worked closely with advisers and our end game expertise coupled with great engagement from Just delivered a result that all stakeholders were happy with.”

Laura Parker, senior manager at Isio, said: “Having advised Hartwell for a number of years, it was great to support the Trustees and Company through this transaction. 

“By combining our understanding of the Scheme’s objectives with Just’s innovative Beacon platform, we were able to accelerate affordability assessments and secure a solution that not only safeguards members’ benefits but also aligns with Hartwell’s strategic de-risking goals.”

Georgina Forbes, company secretary and head of legal services at Hartwell plc, said: “Hartwell plc is pleased to have worked closely with the Hartwell Pension Plan (1971) trustees and professional advisors to secure the future benefits of all its plan members with Just. 

“The economic landscape meant that it was a relatively cost effective time to de-risk and allows the company to enjoy the certainty that all member benefits are secured, whilst also being free to focus exclusively on its core business activities.”

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