The Wiltshire (Bristol) Limited Retirement Benefits Scheme has completed a £15.4m buy-in with Just Retirement Limited, securing the full retirement benefits of all scheme members.

The transaction was funded by a £1m contribution from the sponsoring employer, Auto Trader, along with existing scheme assets.

Following the buy-in, the scheme's assets largely comprise the bulk annuity policy held with Just Group, along with a small amount of additional assets currently held with Legal & General Investment Management.

"Given the financial strength of Just Retirement, this buy-in substantively removes the risk of further contributions being required from the company to provide benefits to members," Auto Trader's half year results stated.

The interim accounts also revealed that the scheme trustees are now working to progress towards a full buyout in 2024, which will involve various data and benefits exercises.

Further contributions from the company to support this work are expected, with these costs currently estimated at around £1m.

The most recent actuarial valuation of the DB obligations was performed as at 30 September 2022, and revealed an accounting surplus of £2m as at September 2022, down from £4.4m in September 2021. This included £12.8m in liabilities since covered by the buy-in with Just.

The DB scheme was closed to new joiners from May 2022, with employees who joined after that date instead offered membership in one of the group's defined contribution schemes.

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