The Timpson Group Pension Scheme has completed a £100m full scheme buy-in with Just Group, securing the retirement benefits for 369 pensioners and 694 deferred members.

The deal was led by K3 Advisory, while Western Pension Solutions (WPS) provided strategic advice to Timpsons to help ensure the scheme was well placed to transact.

Legal advice was provided to the trustee by Gateley, while XPS acted as the administrator and investment adviser to the scheme and First Actuarial were the scheme actuary. Just retained internal legal counsel.

Commenting on the deal, Timpson Group chief executive, James Timpson, stated: “A key component to the success of our business has been putting our colleagues at the heart of it.

“We pride ourselves on our commitment to their wellbeing both when they are with us, and when they have retired or moved on – we have been listed as one of the UK’s best companies to work for over 18 years and that doesn’t stop when you retire.

“Providing security in retirement is just as important as any other benefit we provide. Our board could clearly see the opportunity a buy-in would provide in securing the best possible outcome for our members, and WPS and K3 guided us smoothly on the journey in an extremely short time frame.”

Adding to this, K3 Advisory managing director, Adam Davis, emphasised the importance of proper preparation ahead of the deal, stating: “Working with all parties to get this transaction done, and in such a short time frame of just under eight weeks, was extremely satisfying.

"The scheme worked hard to ensure data was up to date and accurate and had an extremely positive attitude in just getting things done to ensure they did not miss out on the excellent opportunity the market was providing.

"This meant we were able to present a fully prepared, appealing, opportunity to insurers enabling us to secure attractive pricing that worked for all parties.”

Just defined benefit solutions managing director, Pretty Sagoo, added: “We’ve enjoyed working with the Timpson Group, K3 and WPS on this transaction.

"There is a vibrant consolidation market for schemes of all sizes and we are proud to have been entrusted with the long term financial security of their members.”

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