The Haberdashers Company Pension Scheme has completed a £3m buy-in with Just Group, covering the benefits of an undisclosed number of members and deferred members.

The scheme is sponsored by the Worshipful Company of Haberdashers and Independent Governance Group (IGG) acted as trustee to the scheme.

First Actuarial provided risk transfer consultancy to the scheme, with Pinsent Masons acting as the scheme's legal advisers.

Commenting on the deal, IGG trustee director, Dan Gilmour, said: “IGG has acted as trustee of the scheme since 2008, and we are very pleased to have secured members’ benefits with Just Group.

“I’d like to thank them and the excellent First Actuarial team for facilitating such a smooth process.”

Adding to this, Just Group business development manager, Kishan Radia, said Just Group was “very pleased” to have secured the benefits for the scheme members and to meet the needs of both the trustee and the scheme sponsor.

“We knew it would be challenging because few insurers will take on a small scheme with deferred members,” First Actuarial risk transfer consultant, Steve Higginbottom, added.

“However, once we received an indicative quotation from Just Group – which showed that buy-in could be secured without any additional contributions required – we knew we had something to work towards.

“We all enjoyed working with IGG – they’re a responsive, positive and pragmatic team.

“In such a busy market, it’s never easy matching small schemes with insurers and it’s good to celebrate that when it happens.”

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