The Collective Enterprises Limited Retirement and Death Benefits Scheme has completed a £1.3m buy-in with Just Group, covering seven pensioners and 12 deferred members.

The deal was completed using the K3 Engage process, which was specifically adapted for small pension schemes.

Legal advice was provided by Gunnercooke pensions partner and GCTrustees Limited director, Suresh Bhatt.

According to K3 Advisory managing director, Adam Davis, the deal was traded during an "incredibly turbulent week" with both the mini-Budget and the Bank of England intervention on interest rates.

Against this backdrop, Davis highlighted the deal as demonstration "that if a scheme is prepared, if data and benefits are accurate and up to date, it can act quickly for the benefit of its members – in any market condition where an opportunity presents".

"In this case, the situation allowed us to trade immediately at pricing that was attractive to the scheme, leaving the trustees with a healthy surplus to buyout," he continued.

“With the support of a pragmatic and exceptionally responsive lawyer, outstanding insurer relations, and hard work all round, from start to finish this deal took just four weeks.

"This was from the date insurers committing to provide binding quotations, to the date of full completion. An incredible achievement for all concerned and a turning point for industry standard."

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