Two unnamed schemes have completed a multi-scheme buy-in worth £67m with Just Group, securing the benefits of all members of the scheme, including 675 pensioners and dependants, as well as 256 deferred members.

The transaction, which completed in March, covers two schemes, which share the same sponsor, worth £63m and £4m, respectively.

PWC was the lead broker on the transaction, while Just Group used in-house legal support, and Squire Patton Boggs provided legal advice to the trustees.

PAN Trustees director, Mike Roberts, described the transaction as “a great example of how effective collaboration and expert advice can achieve outstanding outcomes for members even when there are complexities and short timescales at play.”

He also acknowledged the “hard work” of PwC, Squire Patton Boggs, Spence & Partners, and Just Group for being flexible in meeting trustees' requests.

Just Group business development manager, Ross Breckon, said the multi-scheme transaction demonstrated the “compelling strength” of Just’s de-risking proposition.

“We were able to minimise uncertainty through a gilts-based price lock, evidencing clearly how Just is best placed not only to secure the benefits of the schemes’ members now but also to look after them for many years to come,” he added.

Adding to this, PWC risk transfer deal lead, Sam Whalley, said: “We are delighted to have successfully led the completion of the buy-ins for these two pension schemes.

“Acting as the lead advisor to the PAN Trustees, we helped secure a strong outcome for all stakeholders, and most importantly, the members, within just eight months of being appointed by the trustees,” he continued.

“Our hands-on project management and extensive sector knowledge ensured that we were able to move quickly in bringing the schemes to market together despite a number of complexities, including illiquid assets,” concluded Whalley.

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