S.A. Brain pension schemes agree £70m full scheme buy-in

The trustee of the SA Brain and Company Limited Group Pension Scheme and the Crown Buckley Limited Pension Scheme has completed a £70m full scheme buy-in with Just Group, securing the benefits of around 420 pensioners and 200 deferred members.

The transaction, which completed in December 2022, was highlighted as a “key step” in the scheme’s employer's restructuring plan, following significant challenges encountered during the pandemic, and aims to provide improved benefit security to members.

Quantum Advisory acted as the lead transaction adviser, investment adviser and scheme actuary, whilst legal advice was provided to the trustee by Gowling, and Isio acted as actuarial adviser to S.A. Brain. The trustee was chaired by Independent Governance Group (IGG).

Commenting on the transaction, IGG chair of trustee, Tegs Harding, stated: “We are very grateful for the significant support from S.A. Brain, as well as positive engagement with Just who went above and beyond in this transaction to help us secure member benefits. I’m absolutely delighted that we have been able to deliver this outcome for members."

S.A. Brain CEO, Jon Bridge, added his thanks to those involved, stating: “I am delighted that S.A. Brain was able to support the pension trustees and Just Group in completing this transaction.

“The executive team at Brains and the pension trustees at IGG have worked diligently together over an extended period of time with the shared aim of securing members benefits.

"Just have been fabulous to work with and I would like to thank all the advisors involved for all of their dedication and hard work.”

Quantum Advisory partner, Stuart Price, also emphasised the “great collaboration and hard work from all parties involved” in enabling the transaction to complete in such a short timescale.

“We have enjoyed a long-term relationship with S.A. Brian so it is extremely pleasing that the team at Quantum could play an important part in fully securing the benefits promised to members of both schemes," he continued.

Adding to this, Just Group DB solutions head of trustee solutions, Andrea Collins, said: “Working closely with the trustee, sponsor and advisors enabled us to successfully complete this transaction under short timescales.

"We were very pleased to be able to support the trustees to achieve a positive outcome for the members.”

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