Brent Group DB scheme completes £3m buy-in with Just Group

Brent Group’s defined benefit (DB) pension scheme has completed a £3m buy-in with Just Group, securing the benefits of 15 members.

Brent Group is a family-owned business which includes the digital marketing and brand agency, Brand Remedy, with the scheme’s membership being made up of two deferred members and 13 pensioners.

Brent received strategic advice from Western Pension Solutions, while K3 Advisory worked with 20-20 Trustees to prepare the scheme for market.

Brent Group director, Richard Silbermann, stated: “When we started out on our buy-out journey in early 2020, we could not have foreseen the changes that would come our way.

“But thanks to careful preparation and due diligence from our professional advisers, we have managed to secure members’ benefits at a significantly lower cost than had been originally estimated. A great result all round and a testimony to the work of the team during these challenging times.”

K3 Advisory senior actuarial consultant and transaction lead, Thomas Crawshaw, said small schemes should be “transaction ready”, adding that its advice had meant Brent was “ready to transact and immediately make the most of the opportunity that was presented to them” after markets moved in favour of small schemes.

20-20 Trustees independent trustee, Duncan Willsher, commented: “We are delighted to have been able to secure members’ benefits for the future at a cost that works for the company. It is great to see that scheme size is not an inhibiter to securing great outcomes, when teams work together and projects are executed well and efficiently.

“K3 Advisory, along with all the other parties involved, worked seamlessly in partnership with us to achieve this first step and we look forward to continuing the journey with them as we move towards full buy-out.”

Just Group business development manager, Peter Jennings, added: “This transaction shows that small can be beautiful in the DB transfer market. This was an important deal for the trustee and we worked hard, along with their other advisers, to make sure we could secure benefits for their members at a cost that was affordable to the company.

“An important part in achieving this so efficiently was that the scheme was well prepared so we could progress quickly to meet the trustee’s objectives.”

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