The Miracle Garden Care Pension Scheme has completed a £49m bulk annuity transaction with Just Group, covering the pension liabilities of over 140 pensioner and deferred members.

The transaction has been highlighted as a “significant step” in Miracle Garden Care Pension Scheme’s de-risking journey, with a buyout to follow a data cleanse and true-up.

Trustees were advised on the transaction by Mercer and legal advice was provided by Eversheds Sutherland, whilst Just Group received legal advice from Pinsent Masons.

Commenting on the transaction, Miracle Garden Care Pension Scheme chair of trustees, John Starling, said: “With sufficient assets to fund a full buyout, our focus was to select an insurer who would really look after our members when the buyout is complete.

“The strength of Just’s member service proposition secured the deal and I am confident we have secured a good future for the scheme members. I look forward to working with their transition and customer service teams during transition and on our journey to winding-up the scheme.”

Adding to this, Mercer principal, Patrick Lloyd, highlighted careful planning and the “close engagement of all stakeholders” as key in ensuring a smooth process, also stressing that “this level of professionalism in deal management is increasingly important in a busy market”.

Just Group director of DB business development, Rob Mechem, added: “The trustees had an objective to achieve buyout and were determined to secure an outstanding member experience.

“Just has a strong brand, known and trusted for delivering outstanding service and following a beauty parade the trustees chose us due to the quality of the member experience we deliver after buyout.”

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