The UK pension scheme of an unspecified Japanese bank has completed a £24m full buy-in with Just Group, securing the benefits of the scheme’s approximately 160 members.

The scheme is sponsored by one of Japan’s largest financial institutions.

LCP led the buy-in deal for the trustee, with the transaction completed under the consultancy’s streamlined buy-in and buyout service for smaller schemes.

This latest buy-in was the 118th completed through the service and brought the total buy-in premiums advised though the service to more than £5bn.

Legal advice was provided by Sackers and Gowling WLG.

LCP highlighted that smaller scheme transactions have been driving record activity in the bulk purchase annuity (BPA) market, estimating that there was a record 350, or more, transactions in 2025.

Sub-£100m buy-ins and buyouts accounted for more than 85 per cent of all transactions by number in the first half of 2025, the consultancy added.

“We are pleased to have achieved this transaction, working collaboratively with the bank, to secure full benefits for the bank’s UK pension scheme,” commented chair of trustees, David Barnett.

“We really value the hard work by all our advisers and how LCP supported us throughout the process, tailoring their streamlined service to ensure the transaction met our specific requirements.”

Just Group business development manager, Alma Goyanes-Payne, said: “Being able to support a streamlined approach to buy-in is one of the benefits of our innovative pricing and bulk quotation service, Beacon.

“Working closely with the sponsor, trustee and LCP we delivered rapid pricing that could be quickly executed to meet the scheme’s needs.

“This is another example of how the BPA market continues to deliver the right suite of solutions to meet schemes’ needs in a robust, flexible manner.”

LCP partner, Ruth Ward, added: "We are delighted to have supported the trustees in achieving this important milestone. This transaction reflects the growing trend of smaller schemes taking decisive steps to secure member benefits with a UK life insurer.

“Our streamlined service has been instrumental in helping schemes move quickly and efficiently to achieve buy-in transactions.

“Reaching £5bn of transactions through this service underlines how it has set the standard for efficient, member-focused solutions in an increasingly active market."

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