The Millennium Inorganic Chemicals (U.K.) Pension Scheme has agreed a £30m buy-in with Just Group.

This marks the second deal completed by the scheme with Just Group, meaning that retirement benefits for all members of the scheme have now been secured for just over £100m.

Just Group was selected following a robust insurance market review, a comprehensive selection process and extensive price monitoring via Just’s Beacon platform.

Barnett Waddingham acted as actuarial, administration, investment and risk transfer advisers, while legal advice was provided to the trustees by Eversheds Sutherland.

Chair of trustees, Phil Howden, highlighted the buy-in as a "great achievement" to reach this significant milestone. This is the culmination of many years of hard work by trustees past and present, which would not have been possible without the company’s support of the scheme.

"We are grateful to our advisers, Barnett Waddingham and Eversheds, for their expert guidance throughout this journey, and to Just who we have successfully been partnering with for over 10 years," she stated.

Commenting on behalf of the sponsor, Tronox Pigment UK Limited, Stallingborough site director, said: “As a values-driven organisation, we’re pleased to have been able to support the trustees in successfully reaching this agreement with Just.

"Securing members’ benefits in this way, combined with the cash contributions over many years to get to this point, really demonstrates Tronox’s commitment to our people’s financial security.”

Barnett Waddingham head of risk transfer, Richard Gibson, also highlighted the deal as a demonstration of how schemes can act creatively to secure benefits over time in a busy market.

"We are proud to have led advice to the Millennium Inorganic Chemicals Trustees on their second buy-in," he stated.

"The existing buy-in policy required careful amendments, and we worked collaboratively with the trustees and Just to both secure a new buy-in and make the necessary changes to the previous policy."

Adding to this, Just Group senior business development manager, Martin Parker, said: "Just is proud to have partnered with the trustees of the Millennium Inorganic Chemicals (U.K.) Pension Scheme to complete this second buy-in, securing benefits for all the members of the scheme.

"We place great value on our relationships with existing clients, and are delighted to have supported the trustees once again in achieving this important milestone.”

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