The Superior Pension Fund has completed a £10m bulk annuity deal with Just Group, insuring the pension liabilities for 78 members.

The deal will protect the scheme against the investment, inflation, and longevity risks associated with these members’ benefits.

This is in turn expected to help achieve one of the key objectives of the trustees, the scheme's sponsoring employer, Greenery U.K. Limited, and its parent company, Greenery BV, an international food and vegetable supplier.

The trustees were advised throughout the process by Buck, a Gallagher Company, while Harrison Clark Rickerbys (HCR) acted as the trustees’ legal advisers, Capita acted as the scheme actuary and administrator, and Canaccord acted as the trustees’ investment adviser.

Superior Pension Fund chair of trustees, Lee Evans, said that the trustee was “delighted” to have secured the deal, which will “considerably enhance” the security of scheme members’ benefits.

“The whole process has been managed expertly by Buck, who helped us overcome a number of obstacles in completing this transaction,” Evans continued.

“This was a real team effort, though, and I would also like to put on record our thanks to Capita as our scheme actuary and administrator, HCR as our legal adviser, and Canaccord as our investment adviser, all of whom have collaborated really effectively to achieve such a positive outcome for the fund and our members.

“We are also extremely grateful to Greenery UK Limited and The Greenery BV for all their help and support throughout this process.”

Adding to this Buck head of risk transfer, Mark van den Berghen, said that while getting traction in the current climate for small schemes in particular can be challenging, the scheme was able to still achieve a “brilliant outcome” through thorough planning and project management.

“We are all very pleased with the terms of the transaction, which represents the best possible result for the fund and its members,” he said. “An outstanding collaboration between our team, the trustees, co-advisers, and the company ensured that we successfully and efficiently completed this deal within the agreed timeframe.”

Just Group business development manager, Kishan Radia, added: “There is a vibrant DB de-risking market for schemes of all sizes and our innovative bulk quotation service provides access to live insurer pricing for all shapes and sizes of schemes.

“Working together with Buck, over a period of approximately six months, we were able to monitor closely the Superior Pension Fund’s funding position and move quickly when the trustees chose to transact. We’re very pleased to have secured the benefits for members of this scheme.”

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