Just Group secures benefits with a £400 million buy-in for all members of the pension scheme of a big UK tech company.
The deal covers 2,500 pensioners and 1,500 deferred members. Mercer advised on risk transfer, Eversheds Sutherland served as Trustees’ legal adviser, Clifford Chance advised Just Group, CMS represented the sponsor, and Isio provided corporate actuarial, investment, and insurance advice.
Vidett independent chair of trustees for the scheme Steve Southern says: “This is the culmination of 10 years of collaborative work between the trustees, advisers and sponsor. We are very pleased that Just was able to continue this collaborative theme and work to secure the right premium.”
Just Group business development manager Geraint Jones says: “We are delighted to have been selected by the Trustees to complete a full-scheme transaction to secure members’ benefits. There is a vibrant bulk annuity market for schemes of all sizes and we’re actively helping small, medium and large schemes.”
Mercer partner and lead pension risk transfer adviser Suthan Rajagopalan says: “Working with the Just team we were also able to find solutions to provide our client with certainty over pricing affordability, in specie asset transitions and managing short-term liquidity of less liquid assets via a deferred premium.”
