The BDO ES Pension Scheme and the BDO Pension Scheme have completed a £60m buy-in with Just Group, securing the benefits of more than 1,000 members across both schemes.

The transaction covers all liabilities, including 291 deferred and 712 pensioner members across the two schemes, marking a full insurance of benefits.

The schemes, sponsored by BDO LLP, were supported by a team of advisers, with Broadstone acting as lead deal adviser, actuary, administrator, consultant and investment consultant.

Dalriada Trustees’ Tiziana Perrella was also appointed to support both schemes, with Osborne Clarke providing legal advice.

Given the acquisitive nature of the sponsor, work was required to resolve complex legacy benefit specifications across multiple categories created through previous mergers and acquisitions.

Consequently, a joint working group was established, bringing together advisers and other parties over the past 12 months to ensure the transaction was completed at a reasonable cost to the sponsor.

Trustee chair for both schemes, Richard Faulkner, said: “Once the sponsor indicated their desire to complete a buy-in, I was keen that we moved quickly and assembled a collaborative team to work efficiently on the transaction.

He stressed that he was "confident" Broadstone would deliver, given their longstanding relationship, and described the addition of Tiziana and Osborne Clarke as "really adding confidence" to the trustee boards in completing the transaction.

He added: “It was a pleasure to work so collaboratively with our advisers and the sponsor to achieve the sponsor’s objectives and secure a great result for our members.”

Just Group deal manager, Alma Goyanes-Payne, also commented: “This was another great collaboration with Broadstone to secure the benefits of this scheme.

"Utilising Beacon, our price monitoring and bulk quotation service, and working closely with the trustees, we were able to move quickly to ensure the best possible outcome for all members.”

Broadstone deal lead, Christopher Rice, added: “While all de-risking transactions require close collaboration, in this case it was particularly necessary given the requirement to resolve complex legacy benefits as well as delivering an affordable transaction for the sponsor.

“BDO and Broadstone go back a long way, so I am delighted that we could play our part in securing the benefits for all of the schemes’ members and finding an excellent partner in Just for the future,” he said.

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