The Birmingham Chamber of Commerce Pension Fund has agreed a £9m full scheme buy-in with Just Group, covering retirement benefits for around 100 pensioners and 40 deferred members.

Quantum Advisory acted as the lead transaction adviser, investment adviser and scheme actuary, while Gateley provided the trustee with legal advice.

Trustee Corporate Limited, acting as sole trustee for the scheme, agreed the deal with Just Group towards the end of last year, in a “significant step” towards full scheme buy-out.

The deal was also highlighted as the start of a “new chapter” for the sponsoring employer, Birmingham Chamber of Commerce & Industry, who will now concentrate their resource on commercial activities in the surrounding area.

“Birmingham Chamber of Commerce & Industry is pleased to secure its members’ benefits following the sale of its premises in 2020 and significant investment in the fund," Birmingham Chamber of Commerce & Industry chief financial officer, Helen Bates, said.

“The chamber has worked closely with the trustee of the scheme Trustee Corporation Limited and scheme actuary Quantum Advisory to secure the future of the fund, and we can now focus on our mission to connect, support and grow businesses in Greater Birmingham.”

Adding to this, Trustee Corporation Limited trustee director, Vivien Cockerill, said that while buyout was identified as the long-term target for the scheme "many years ago", the move to a full buy-in was achieved "significantly more quickly than expected".

"The careful planning and good teamwork with the chamber and the advisers in implementation has worked well," she said.

Quantum Advisory lead transaction advisor, Adam Cottrell, added: “To complete a £9m transaction so seamlessly at an extremely busy time for the market was very satisfying.

“Knowing how this enhanced level of pension security will benefit members over the long term, at a time when everyone’s finances are so stretched, also makes this a particularly rewarding end to a successful project."

Just Group senior business development analyst, Rosie Mills, also highlighted the quick completion of the deal, particularly in a busy market, as illustration that there is a "vibrant bulk annuity market for schemes of all sizes".

“We’re very pleased to have helped secure the future benefits of 140 members and assist the trustee on its journey towards buy-out, while freeing the Birmingham Chamber of Commerce and industry to focus their resources on commercial activity in their local area," she said.

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