The But Retirement Benefits Scheme has secured a £40m buy-in with Just Group, with the scheme now expected to proceed to full buyout and wind-up.

The transaction covers all uninsured members of the scheme, securing the retirement benefits for 111 pensioners and 149 deferred members.

Buck acted the lead transaction adviser, while the trustees received legal advice from Field Fisher.

But Retirement Benefits Scheme chair of trustees, Nigel Plank, said that the trustee was "delighted" to have completed the transaction, with the deal completed earlier than initially expected.

“Our long-term goal was to secure the benefits of our members, and Buck’s expert guidance throughout the transaction allowed us to do so earlier than we had initially anticipated," he stated.

"Working with Just ensures our members’ pensions are secure and that members will continue to receive excellent customer service once buyout is completed.”

Adding to this, Just Group senior business development manager, Martin Parker, stated: “Our innovative bulk quotation service alerted the trustees immediately when the transaction entered a pricing corridor that was attractive to them.

"There is a vibrant consolidation market for schemes of all sizes and we are proud to have worked with the trustees and their advisers to secure the benefits of their members.”

Buck head of risk transfer, Mark van den Berghen, added: “We are very pleased to have secured this transaction for the trustees of the But Retirement Benefits Scheme.

“Our ongoing collaboration with the trustees and sponsor meant we were able to use Just’s indicative pricing to request a formal quotation at the right time, and move to a completed transaction efficiently, ensuring the security of members’ benefits.”

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