The Hunt Brothers and Company Limited Pension Fund has secured a £1.4m full scheme buy-in with Just Group, covering the benefits of eight pensioner members.

The scheme is sponsored by Hunt Brothers & Co Ltd, a timber trading representative in Northwest England, and the deal did not need an additional contribution from the company.

The transaction completed the buy-in of all scheme liabilities, with the scheme now expected to proceed to full buyout and wind up.

Broadstone provided annuity broking, section 36 investment advice, and administration services. It also acted as scheme actuary.

Morton Fraser MacRoberts LLP provided legal advice to the trustees, while Just Group used its in-house team.

Commenting on the transaction, Hunt Brothers and Company Limited Pension Fund chair of trustees, Geoff Hilditch, said: “It has been a pleasure for the three trustees to work with the team at Broadstone, who provided expert advice and guidance on every step of the way in what was, for us, completely new territory.

“We are very pleased with the outcome following a very smooth transaction process.”

Adding to this, Broadstone deal lead, George Whitaker, said he was “really pleased” to have been able to help the trustees and company achieve this significant milestone for the scheme, delivering security to its eight members.

“It is great to demonstrate that well-prepared schemes of all sizes can achieve a cost-effective insurance transaction in a busy market," Whitaker added.

Just Group deal manager, Alma Goyanes-Payne, commented: “We’re very pleased to have worked with Broadstone and the trustees to secure the benefits for all the members of the Hunt Brothers and Company Limited Pension Fund.

“There is a vibrant insurance de-risking market for schemes of all sizes and Just Group are delivering outstanding service to small schemes, large schemes and everything in between.”

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