Keysight pension scheme completes £250m buy-in with Just Group

Keysight Technologies UK Limited Retirement Benefits Plan has completed a £250m buy-in transaction with Just Group, securing pension benefits for over 750 members of the scheme.

The transaction has been highlighted as a "significant step" in the Keysight Group's overall strategy of de-risking its pensions exposure, and will also provide greater security for members of the pension scheme.

The process was led by Willis Towers Watson (WTW) on behalf of a joint working group representing trustees and the scheme sponsor, with WTW also providing further advice to the trustees in its role as scheme actuary.

Investment advice, meanwhile, was provided to the trustee by Mercer, while legal advice was
provided to the trustees by Linklaters, and to Just Group by Pinsent Masons.

Commenting on the process, Keysight Technologies UK Limited Retirement Benefits Plan trustee chair, Nick Johnson, said: “We chose Just because they demonstrated a well-rounded commercially compelling proposition that met the trustees’ needs and most importantly, their people were willing to accommodate the specific requirements of this transaction. I look forward to working in partnership with the Just team.”

Adding to this, WTW senior director, Suzanne Vaughan, highlighted the transaction as demonstration of the "benefits of trustees being actively engaged and hands on in their de-risking strategies".

She continued: “We are delighted to have advised the trustees and the sponsor of the Keysight Technologies plan on this transaction.

"The pensioner buy-in market is currently very competitive and offers strong pricing opportunities to our clients, where the Keysight trustees secured participation from six of the eight insurers active in this market and Just delivered the most competitive overall proposition.

"We look forward to continuing to support the trustees on their de-risking journey.”

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