Marvin OnumonuJust Group completed two full-scheme buy-ins worth £67m, covering two pension schemes with the same sponsor.
The deals, finalised in March 2025, secured benefits for 675 pensioners and dependants and 256 deferred members.
PwC acted as lead broker, with Just Group using its in-house legal team and Squire Patton Boggs advising the trustees.
Ross Breckon, business development manager at Just Group, said: “This multi-scheme transaction demonstrates the compelling strength of Just’s de-risking proposition.
“We were able to minimise uncertainty through a gilts-based price lock, evidencing clearly how Just is best-placed not only to secure the benefits of the Schemes’ members now but also to look after them for many years to come.”
Mike Roberts at PAN Trustees said: “Securing the benefits for our members has always been our top priority, and this transaction delivers exactly that.
“It’s a great example of how effective collaboration and expert advice can achieve outstanding outcomes for members even when there are complexities and short timescales at play.
“We’re grateful to our advisers, PwC, Squires Patton Boggs and Spence & Partners, for their hard work on this project and to Just for being flexible in meeting our requests.”
Sam Whalley, risk transfer deal lead at PwC, said: “We are delighted to have successfully led the completion of the buy-ins for these two pension schemes.
“Acting as lead advisor to PAN Trustees, we helped secure a strong outcome for all stakeholders, and most importantly the members, within just eight months of being appointed by the Trustees.
“Our hands-on project management and extensive sector knowledge ensured that we were able to move quickly in bringing the schemes to market together despite a number of complexities, including illiquid assets.”
Whalley added: “This transaction is another great example of PwC’s ability to deliver value to all stakeholders and insurers’ flexibility in meeting stakeholder needs in a busy market.”
