Just Group has closed a £10m bulk annuity deal with the Superior Pension Fund and Buck advising.
The deal means that 78 fund participants will have their liabilities insured by Just Group, which will cover investment, inflation, and longevity risks. According to Just Group, this is in line with the main goals of the parent firm, Greenery BV, the sponsoring employer, and the Trustees, Greenery U.K. Limited. The Trustees were advised by financial adviser Canaccord, scheme actuary/administrator Capita, and legal advisor Harrison Clark Rickerbys.
Just Group business development manager Kishan Radia says: “There is a vibrant DB de-risking market for schemes of all sizes and our innovative bulk quotation service provides access to live insurer pricing for all shapes and sizes of schemes. Working together with Buck, over a period of approximately six months, we were able to monitor closely the Superior Pension Fund’s funding position and move quickly when the Trustees chose to transact. We’re very pleased to have secured the benefits for members of this scheme.”
Superior Pension Fund chair of trustees Lee Evans says: “We are absolutely delighted to have secured this insurance policy for the Fund, which will considerably enhance the security of our members’ benefits. The whole process has been managed expertly by Buck, who helped us overcome a number of obstacles in completing this transaction. This was a real team effort, though, and I would also like to put on record our thanks to Capita as our Scheme Actuary and administrator, HCR as our legal adviser, and Canaccord as our investment adviser, all of whom have collaborated really effectively to achieve such a positive outcome for the Fund and our members. We are also extremely grateful to Greenery UK Limited and The Greenery BV for all their help and support throughout this process.”
Buck head of risk transfer Mark van den Berghen says: “We are delighted to have helped the Trustees secure an insurance policy with Just Group. Getting traction in the current climate for small schemes in particular can be challenging, but with thorough planning and project management we have achieved a brilliant outcome. We are all very pleased with the terms of the transaction, which represents the best possible result for the Fund and its members. An outstanding collaboration between our team, the Trustees, co-advisers, and the Company ensured that we successfully and efficiently completed this deal within the agreed timeframe.”
