The Brittany Ferries Group Pension and Life Assurance Scheme has completed a £35m full scheme buy-in with Just Group.

The deal covers the benefits of the remaining 444 previously uninsured pension scheme members.

BAI (UK) Limited, the owner of the passenger and freight cross-channel transport business Brittany Ferries, is the sponsor of the scheme.

The transaction was completed in November 2025 and did not require any additional contributions, after years of support from the sponsor to improve the funding position of the scheme alongside positive investment performance.

All members of the scheme now have their benefits insured, with this latest bulk annuity deal covering 175 pensioners and 269 deferred members.

Broadstone provided annuity broking, scheme actuary and administration services, while Osborne Clark provided legal advice to the trustees.

Additional advice to the trustees was provided by Towergate Employee Benefits.

“Broadstone worked seamlessly with Just and our other advisers to complete this transaction in a timely manner and at a great price,” commented Brittany Ferries Group Pension and Life Assurance Scheme chair of trustees, Steve James.

“The trustees are thankful for the ongoing support that the company has provided the scheme which meant the premium could be settled without further contributions.

“We now look forward to completing the data cleanse period and ensuring our members are given the best possible service in the future.”

Just Group business development manager, Alma Goyanes-Payne, added: “It is always a great experience to work with Broadstone and schemes that are so well prepared.

“Using our innovative bulk pricing and quotation service, Beacon, provided transaction certainty, making the process easy and efficient and allowing us to execute in a timely manner to secure the best outcome for members.”

Broadstone senior actuarial director and deal lead, Mark Channon, said the use of the firm’s SM&RT Insure service helped prepare the scheme for Just Group to execute the transaction efficiently.

“Being able to complete the initial buy-in with no additional contribution is testament to the work done by the trustees and their advisers over many years,” he said.

“We look forward to working with the trustees and Just over the coming months to finalise the policy.”

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