The Keysight Technologies UK Limited Retirement Benefits Plan completed a £58m buy-in transaction with Just Group in December 2021.

This was the scheme’s second buy-in deal with the insurer as part of its phased de-risking plan, following a £250m buy-in earlier in 2021.

Together, the two transactions have covered 900 pensioner members’ liabilities.

WTW led the process on behalf of a joint working group, which was formed with the trustees and the scheme sponsor, Keysight Technologies.

WTW, as scheme actuary, also advised the trustees on the deal, with Linklater providing legal advice and Mercer acting as investment adviser.

Pinsent Masons provided legal advice to Just.

Commenting on the completion of the deal, Keysight Technologies UK Limited Retirement Benefits Plan chair of trustees, Nick Johnson, said: “As we implemented an umbrella contract as part of the first transaction with Just, we were able to take advantage of favourable market conditions to go ahead with this second transaction.

“We have been impressed by the service provided by Just and look forward to continuing to work in partnership with them.”

Just Group senior business development manager, Andrea Collins, said the insurer was “very pleased” to support the trustees and sponsor of the scheme for a second time in its de-risking journey.

“We put in place an innovative umbrella contract which resulted in both transactions progressing smoothly under the one agreement,” she continued.

“Just has now completed transactions with 27 schemes, which is a great testament to our reputation for the quality of our member services and the expertise of our talented, agile team developed through many years of experience in the bulk annuity business.”

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