The NG Bailey Scheme has completed two further buy-ins, worth a combined total of £66m, with Just Group.

The first was to insure £49m worth of pensioner benefits and the second insuring £17m of pensioner liabilities.

NG Bailey, a scheme covering £400m of pensioner benefits, was advised on the deal by K3 Advisory.

This was the third bulk annuity deal completed with NG Bailey and its sole trustee, Western Pension Solutions, with the first deal in 2017 insuring £50m of pensioner liabilities.

Commenting on the deal, K3 Advisory managing director, Adam Davis, said: “The billion-pound transactions continue to get the headlines but underneath the surface the activity in the small and medium scheme space continues to grow significantly.”

NG Bailey chief financial officer, Mike Porter, added: “As a proud family business with a long tradition of looking after our employees throughout their careers and into retirement, we were keen to secure the benefits of our pensioners at a cost that worked for shareholders and trustees.

“As family backed businesses themselves, K3 and Western Pension Solutions understood the importance of this, and with their close collaboration we managed to achieve a deal that had little impact on either the scheme or company’s finances whilst materially reducing the risks posed by the scheme.”

Just Group business development manager, Peter Jennings, said that he was “delighted” to have secured the benefits for pensioners of the scheme in the second and third deals Just has completed with the scheme.

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