The trustees of the Hyde House Association Limited Pension and Assurance Scheme have completed a £60m buy-in with Just Group, covering all of the scheme's remaining uninsured liabilities.

The transaction builds on two existing buy-in policies secured with Just in 2015 and 2016, totalling around £30m, meaning that the full 850-strong membership is now insured.

LCP acted as lead transaction adviser on the deal, making use of its streamlined buy-in and buyout service, which aims to help smaller schemes access competitive pricing, particularly amid the current busy market.

Chair of trustees and Pi Partnership director, Roger Cooper, stated: “As chair of trustees, I am delighted that we have been able to reach this position and underpin the security of our members’ benefits.

“I wish to thank my co-trustees and the Hyde management team for their support and engagement in reaching this milestone. Having an experienced team of advisers is crucial to any project, and this has enabled the Hyde Housing Scheme to move a step closer to our long-term objectives.”

Adding to this, Hyde Group chief financial and resources officer, Rod Holdsworth, said that the success of the project is down to the "tremendous collaboration" between Hyde, Just, LCP and the pension trustees.

“It’s allowed us to take advantage of opportunities in the marketplace to further improve the security of future pension benefits for colleagues, past and present," he continued. "Simplifying the management of the scheme will also allow us to invest more in our customers’ homes and services.”

LCP partner, David Stewart, added: “We are delighted that we have reached this major milestone of having helped small pension schemes secure over £3bn with insurers, in what is the busiest segment of the market.

“The trustees of the Hyde Housing Scheme have been a great supporter of this service having also used it for their two previous transactions. It has been a pleasure working with the trustees on this final stage of their de-risking journey.

“We introduced the streamlined service to the market in 2011, and it continues to be popular with the insurers today due to its tried and tested formula and the volume that transacts through it.

“Over the last six months, we have helped ten schemes under £100m successfully transact and achieve highly competitive pricing using the streamlined service. This is at a time in the market when the evidence shows that smaller schemes are struggling to get insurer engagement through other routes.”

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