The Brother Staff Retirement Benefits Scheme has completed a £56m full scheme buy-in with Just Group, securing the retirement benefits of all 679 members of the scheme, including 299 pensioners and dependents, and 380 deferred members.

Isio acted as the lead broker on the deal, which was completed in March 2025, while Just Group received legal advice from Clifford Chance, and the trustees and the sponsor were advised by Eversheds Sutherland and Fieldfisher, respectively.

In addition to this, preparatory work by the trustees was supported by Gallagher, which acted as administrator, scheme actuary, and investment adviser.

Commenting on behalf of the trustees, Capital Cranfield professional trustee, Susan Anyan, explained that a "substantial" cash contribution from the sponsor, along with a robust broking process, meant that the trustees were able to "significantly accelerate" their ambition of fully securing the scheme’s liabilities.

”We are very pleased that a strong partnership between the trustees and the sponsor has allowed us to successfully future-proof members’ benefits," she added.

"We look forward to partnering with Just to ensure that we continue to deliver high-quality services and benefits to our members."

The deal is also expected to provide benefits for the sponsoring employer, Brother International Europe Limited and Brother UK Limited, as director of finance, HR and admin, Russell Brown, pointed out that, in addition to delivering long-term value for partners, the deal also removed risk and volatility from the group's balance sheet.

“Following a competitive bidding process, we entered into an exclusivity period with Just, working alongside our advisers, the trustees and their advisers to work through the finer details of the transaction," he stated.

"Following the successful conclusion of that process, we are delighted to have completed the buy-in, securing the best possible benefits for the members and working with a partner committed to delivering long-term value to them, whilst also removing risk and volatility from our corporate balance sheet."

Adding to this, Isio partner, Paul Greenall, described the deal as a "great example of being ‘transaction ready’ with effective collaboration between the trustees, sponsor and advisers".

In addition to collaboration, Just Group business development manager, Ross Breckon, emphasised the importance of technology and pricing, explaining that whilst it was a "complex transaction", Just was able to provide certainty on price by providing an investible gilts-based price lock.

"Just’s enhanced technology for pricing was key to successful execution, in particular the ability to offer flexibility on member benefits, including updating to allow for guaranteed minimum pension (GMP) equalisation in a matter of days during exclusivity, which will enable a smoother and more efficient data cleanse," he stated.

"We are committed to delivering great outcomes for schemes and providing excellent service to their members now and in the future.”

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