Just Group has completed a full scheme buy-in agreement with the Trustee of a scheme sponsored by a global distribution company, insuring almost 1,000 deferred members and achieving record 2021 sales.
This transaction is significant for both the scheme Trustee and Just, and it was completed at the end of 2021, during a period of intense market activity.
This is Just’s largest individual transaction to date, and it includes the Group’s most deferred pensioner liabilities taken on in a single transaction. It demonstrates Just Group’s ability to deliver larger full scheme buy-ins, with just under 1,000 deferred members and nearly 900 pensioner members.
The scheme is planning a buy-out and entered the market with well-prepared membership data and benefit specifications. This will help to speed up the process of true-up and subsequent transition from buy-in to buy-out.
Aon and DLA Piper advised the Trustee on the transaction. Just received legal counsel from CMS.
Just Group group chief executive officer David Richardson says: “We are very pleased to have provided support to the Trustee and secured the member benefits of this scheme. It’s the highest single value transaction our defined benefit business has completed and has contributed to Just achieving record 2021 defined benefit de-risking sales of £1.9bn, up 28% on 2020.”
Aon associate partner Karen Gainsford says: “This transaction highlights the benefits of trustees being engaged and hands-on in their de-risking strategies. We worked closely with the Trustee to ensure that the scheme was in the best position to move forward to this very successful conclusion.”