The Apostolic Church Staff Pension Scheme has completed a £4m full scheme buy-in with Just Group, securing the benefits of 51 pensioners and 12 deferred members.

The buy-in process was led by K3 Advisory, part of Isio, who were appointed for their expertise in advising smaller schemes on complex risk settlement transactions.

Legal advice was provided by JMW and actuarial advice was provided by Goddard Perry Actuarial.

Barker Tatham provided investment advice, while MUFG provided administration services.

The preparations for the transaction included the merger of an unfunded top-up arrangement into the main scheme, which required collaboration between the trustees, sponsor, advisers and Just Group to deliver a solution that secured benefits for all members across both arrangements.

Chair of trustees, Geoff Bollands, said achieving this result required a “strong, cooperative effort” between all parties.

“With K3’s guidance and the support of our advisers and insurer, we’ve delivered long-term security for all members of the scheme,” he said.

Adding to this, Just Group, defined benefit business development manager, Kishan Radia, said: “We are proud to have helped secure the benefits of the members in this scheme.

“Our work with K3 demonstrates Just Group’s continued commitment to delivering efficient, high-quality service to pension schemes of all sizes”.

K3 Advisory senior consultant and deal lead, Thomas Crawshaw, said the firm was “delighted” to have supported the trustees in reaching this milestone.

Crawshaw added that this buy-in is a “great” example of what can be achieved through early planning, alignment of stakeholders and a proactive approach to risk settlement, particularly for smaller schemes navigating complex structures.

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