Premaberg Holdings has completed a £5m buy-in bulk annuity transaction for its UK defined benefit (DB) pension plan with Just Group.

The transaction was described by Premaberg Holdings as a “major step” towards settling the plan’s legacy DB pension obligations and securing its members’ retirement incomes.

The buy-in of the scheme was achieved using Mercer’s quotation service and was completed within four business days of receipt of Just’s final quotation.

Commenting on the transaction, Premaberg Holdings Retirement Benefits Plan chair of trustees, Jo Richardson, added: “We’re delighted to have secured our members’ DB pensions through this bulk annuity transaction.

“The ability to regularly monitor actual insurer pricing was invaluable, allowing us to quickly take advantage of improved market pricing earlier this year and transact firmly within our price trigger.”

Mercer highlighted the deal as a demonstration that smaller schemes can and do achieve successful bulk annuity transactions, even amid continued high demand from much larger schemes.

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