The MGN Pension Scheme has completed a c. £150m pensioner buy-in with Just Group, securing the benefits of around 1,300 in-payment members.

The MGN Pension Scheme provides pensions for former employees of Mirror Group Newspapers and is sponsored by Reach plc.

The buy-in, which was completed in November 2024, is the first for the scheme and was structured to ensure that any future transactions with Just Group can be completed efficiently.

LCP acted as the lead risk transfer advisers for the scheme, Travers Smith provided legal advice to the trustee and Aon acted as the scheme actuary.

Hymans Robertson and Slaughter and May advised the sponsor, while Gowlings advised Just Group.

Commenting on the transaction, Woodly Trustee professional trustee and chair of trustees, Quentin Woodley, said it was “pleased” to have completed this pensioner buy-in with Just Group, calling it a “significant step” on its goal to providing long-term security for members’ pensions.

“LCP ran a thorough selection process to help the trustee choose Just Group and we worked closely with the sponsor to agree a transaction structure that achieved all parties’ objectives,” Woodley added.

Adding to this, Just Group business development manager, Kishan Radia, said: “We’re very pleased to have completed this initial pensioner-only buy-in and to provide long-term security for more than 1,000 members.

“We look forward to working in partnership with the scheme’s trustees on their de-risking journey over the coming years.”

LCP partner, Charlie Finch, commented: “It has been a privilege to work with the trustees to help structure and implement this important step.

“Just Group met the key selection criteria for the trustees and were pragmatic and commercial in their negotiation approach.”

Travers Smith senior counsel, Tom Green, echoed this sentiment, adding: " All parties adopted a collaborative approach and we enjoyed working closely with the wider trustee advisory team, Just Group, Reach and their respective advisers."

Earlier this year, the MGN Pension Scheme announced that it expected to be fully funded by January 2028, after action by The Pensions Regulator secured an additional £25.5m five-year injection from publisher Reach Plc.

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