Marvin OnumonuJust Group has completed a £3.3m buy-in for the Transport Friendly Society Staff Pension Scheme, covering all 30 members.
The scheme, run by Transport Friendly Society Limited, supports current and former employees in the transport and logistics sector.
The buy-in covers 15 deferred members and 15 pensioners.
EY acted as the lead risk transfer advisers, Gowlings provided legal advice to the sponsor, and Just Group used its own legal team.
Alma Goyanes-Payne, deal manager at Just Group, said: “This transaction is a great example of how smaller schemes are benefitting from a dynamic and flexible insurance market.
“We used Beacon, our market-leading price monitoring and bulk quotation service, to provide the Scheme with a confirmed price very quickly following the latest data being received.
“This was supported by excellent collaboration between the Trustees, Just and the advisers as the transaction progressed.”
Goyanes-Payne added: “Just is committed to helping schemes of all sizes achieve their de-risking objectives and delivering an excellent member experience.”
Chris Angell, trustee of the scheme, said: “We are pleased to have successfully completed this buy in, which marks an important milestone in securing the long-term benefits for our members.
“As trustees, our priority is to ensure that members’ pensions are protected and paid in full, and this transaction provides added security and peace of mind.
“We are grateful to our advisers for their support throughout the process and to our insurer partner for their collaborative approach.”
Ali Ramezankhani, CEO at Transport Friendly Society Limited, said: “We are delighted to support the Trustees in securing this buy-in, which represents a significant step in safeguarding the future benefits of our employees and former colleagues.
“This transaction reflects our ongoing commitment to the Scheme and to ensuring that members’ pensions are protected with a high level of certainty.
“We appreciate the collaborative efforts of all parties involved in bringing this to a successful conclusion.”
Eimear Kelly, partner at EY, said: “We are proud to have supported the Trustees in delivering this buy-in, which provides long-term security for members’ benefits.
“Transactions like this demonstrate that even smaller schemes can achieve meaningful de-risking outcomes with the right preparation and collaborative approach.
“It’s been a pleasure working with all parties to reach this important milestone.”
