Ex-Services Mental Welfare Society 1974 Pension and Life Assurance Scheme has completed a £4m buy-in with Just Group, securing the benefits of all 39 members, comprising 17 pensioners and 22 deferred members.

The scheme was sponsored by Combat Stress, a UK veterans’ mental health charity that provides specialist mental health treatment and support to the UK Armed Forces community.

Starting in September 2024, the trustees and their advisers monitored the transaction through Just Group's streamlined service, Beacon.

When the decision was made to proceed with the transaction in early 2026, Beacon facilitated the transaction until completion in May.

Barnett Waddingham acted as risk transfer adviser, scheme actuary and administrator to the trustees, while First Actuarial provided investment advice.

Burges Salmon provided legal advice to the trustees, while Just Group received in-house legal counsel.

Commenting on the deal, trustee of the scheme, Robert Bieber, said: “My colleagues and I are pleased to have been able to work with Just Group to reach a satisfactory conclusion; one which secures the benefits on a long-term basis for all Combat Stress' pensioners and deferred members.

“It's been a rewarding experience, with Just Group's flexibility enabling the buy-in to be concluded with minimum fuss. I'm particularly grateful to my trustee colleagues for their support, detailed analysis, time and attention to detail, which have been an enormous help in completing the buy-in.”

Just Group business development manager, Olivia Padfield, added that it is “particularly rewarding” to complete a transaction that supports an organisation delivering such important work for veterans across the UK.

Adding to this, Barnett Waddingham risk transfer adviser, Andy Smith, commented: “Having worked with the trustees of the scheme for a number of years, it was extremely rewarding to help secure members’ benefits in full."

In particular, he suggested Barnett Waddingham was “particularly pleased” to have worked with Just Group to insure some non-standard benefits and to complete the transaction within just three weeks of receiving a guaranteed quotation.

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