ITB pension scheme completes fifth and final buy-in with Just Group

The ITB Pension Funds (Open Fund) has completed a £290m buy-in deal with Just Group, meaning that all of the scheme members’ benefits have now been secured.

Marking the fifth and final buy-in by the fund, the deal was achieved earlier than planned after the trustee identified a material improvement in the funding position and was able to move quickly to secure it through a final buy-in.

The trustee was advised by LCP across all its transactions.

ITB Pension Funds trustee chair, Newell McGuiness, described the deal as a “great success”, stating: “We have achieved our investment objective much earlier than planned through an effective investment strategy and having efficient governance in place. This is a tribute to the trustee board and its advisers.”

LCP partner, Sam Jenkins, also highlighted the deal as a “great success story” that demonstrates the effectiveness of a strategy that reduces investment and longevity risk gradually over time.

“The success of each transaction has been forged from careful preparation and effective governance - ensuring the trustee was well positioned to take advantage of market opportunities as and when they arose,” Jenkins continued.

Adding to this, Just Group head of DB sales, Pete Jennings, stated: “We are very proud to have secured the financial security of the remaining members of The ITB Pension Funds (Open Fund).

“We really enjoy repeat transactions when clients come back. It’s an endorsement of the high service standards the end-to-end team at Just strives to offer clients before, during and after a transaction.”

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