Just Group completes £40m buy-in with unnamed scheme

The pension scheme for a large overseas conglomerate has completed a £40m full scheme buy-in with Just Group, securing retirement benefits for 89 deferred and 52 pensioner members.

The transaction was led by K3 Advisory and Cartwright, with trustees receiving legal advice from Eversheds Sutherland, whilst consultancy services for the sponsoring employer were provided by Deloitte.

The transaction took just under two months to complete, and required no cash injection from the scheme's sponsoring employer.

K3 Advisory senior actuarial consultant, Thomas Crawshaw, highlighted the deal as demonstration of the “great results” that can be achieved for small schemes when parties work “closely and efficiently together”.

He stated: “Our ongoing market tracking enabled us to identify that the scheme could potentially benefit from favourable investment markets, so we swiftly approached the insurance market with a scheme that was ready to transact.

“We managed to secure competitive pricing from Just Group with a price lock too, enabling the trustee to secure the members’ benefits. A great result all round.”

Cartwright director of actuarial service, Robert Sweet, agreed that the deal was “a great result for the members”, also pointing to the transaction as evidence that “schemes of all sizes" can transact if they are ‘transaction ready’.

“We had already undertaken a thorough and deep data and benefit audit, so when the market moved in our favour, we were able to make the most of the opportunity,” he continued.

“Working alongside K3 Advisory we quickly secured and locked in beneficial terms that required no cash injection from the sponsoring employer. At just under two months to complete, this shows how quickly it can be done when all parties are prepared, aligned and engaged.”

Echoing this, Just Group business development manager, Peter Jennings, also emphasised the importance of prioritising collaboration in the transaction, in order to deliver a “very smooth, well executed project to secure the benefits for the trustees and their members”.

Independent Trustee Services (ITS) Limited director, Janine Wood, added: “ITS was delighted to play a central role in this transaction, ensuring scheme readiness and choreography of all stakeholders including the advisors to deliver optimal timing.

“K3 Advisory and Cartwright’s experience, expertise and diligence at the small and medium end of the insurance market really shows what can be achieved for smaller schemes in what is a very crowded insurance market."

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