The Reebok UK Retirement Benefits Scheme has secured a £32m full-scheme buy-in with Just Group.

The transaction was completed in November 2025 and secured the benefits of 452 scheme members, comprising 114 pensioners and 338 deferred members.

Zedra Governance Limited was appointed as the trustee to the scheme in 2022, represented by Phil Holland and Martin O’Brien.

Mercer acted as lead risk transfer adviser for the scheme, while Eversheds Sutherland provided the scheme with legal advice. Just Group received legal advice from its in-house legal counsel.

“We are delighted to have completed the buy-in,” commented Zedra client director, Martin O’Brien.

“The members of the scheme were very much at the forefront of our thinking when considering the options.

“We are very grateful for the clarity and support provided by our advisers and by the sponsor, including our administrators, Sanderson Law, for their support in getting the buy-in completed in a relatively short timeframe.

“Thanks also to all the insurers involved in the process. We were very impressed with the quality on offer.”

Just Group senior business development manager, Ross Breckon, said the insurer was selected because it was able to deliver an effective de-risking journey following the initial transaction, while also accommodating non-standard pension increases and a high quality member experience.

“We look forward to working with the scheme on its long-term endgame objectives,” he added.

Mercer principal, Nichola Price, said: “We are pleased to have supported this scheme through its journey to purchasing a bulk annuity policy with Just following a streamlined competitive process with several insurers quoting on this transaction.

“The risk transfer market for schemes of this size is very buoyant, with insurers looking to differentiate their offerings for all schemes, providing trustees and sponsors more choice, better pricing and more favourable terms.

“This transaction demonstrates that wider choice can lead to strong outcomes for scheme members.”

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