The Geoghegan & Company Staff Pension Scheme has completed a £1.5m full scheme buy-in with Just, securing the benefits of all eight deferred members and eight pensioner members.

The deal, which was completed using Broadstone’s SM&RT Insure process in tandem with Just Group’s streamlined bulk quotation service Beacon, was highlighted as demonstration that there is capacity in the market for even the smallest schemes.

Broadstone provided annuity broking advice and administration services and took the role of scheme actuary. Morton Fraser MacRoberts LLP provided legal advice to the trustees, while Just received advice from its in-house team.

Having been fully invested in a with-profits fund, the scheme's assets grew while the buyout cost fell in recent years as interest rates rose. A valuation on 1 January 2023 revealed a buyout surplus.

The scheme, sponsored by Geoghegans Outsourcing Limited, a private accountancy firm, first began exploring a potential transaction in late 2023.

This process was accelerated when Geoghegans merged with UK-wide accountancy firm, MHA, in early 2024, and the scheme will now proceed to full buyout and wind up.

Chair of trustees, Euan Fernie, commented on the deal: "This is great news for our pension scheme, and we are particularly grateful to Broadstone for their expert guidance throughout this process.

"The company can progress to its next chapter with MHA, free from the costs and risks of the legacy arrangement and, along with the trustees, safe in the knowledge that the member's benefits have been secured."

Just deal manager, Alma Goyanes-Payne, added: "Working with Broadstone on this transaction demonstrates Just's commitment to delivering tailored solutions for smaller pension schemes.

"The scheme benefited from our innovative price monitoring and bulk quotation service, Beacon.

"This meant it was in a position to transact quickly when market conditions were favourable and enabled the trustees to secure their members' benefits. There is a vibrant insurance de-risking market for schemes of all sizes and Just is delivering an outstanding service to small schemes, large schemes and everything in between."

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