The Transport Friendly Society Staff Pension Scheme has completed a £3.3m full scheme buy-in with Just Group, securing the benefits of all 30 members of the scheme.  

The scheme, which covers 15 deferred and 15 pensioner members, supports current and former employees of the Transport Friendly Society, a mutual organisation established in 1885. 

EY acted as the lead risk transfer adviser for the scheme, while Gowlings provided legal advice to the sponsor, and in-house legal counsel advised Just Group.

The deal was highlighted by the scheme trustee, Chris Angell, as an "important milestone" in securing the long-term benefits for members. 

"As trustees, our priority is to ensure that members’ pensions are protected and paid in full, and this transaction provides added security and peace of mind," he stated. "We are grateful to our advisers for their support throughout the process and to our insurer partner for their collaborative approach.”

This sentiment was echoed by Transport Friendly Society Limited CEO, Ali Ramezankhani, who said: “We are delighted to support the trustees in securing this buy-in, which represents a significant step in safeguarding the future benefits of our employees and former colleagues. 

"This transaction reflects our ongoing commitment to the scheme and to ensuring that members’ pensions are protected with a high level of certainty. We appreciate the collaborative efforts of all parties involved in bringing this to a successful conclusion. 

The buy-in was also endorsed by industry experts as a demonstration of the options available for smaller schemes, with Just Group deal manager Alma Goyanes-Payne highlighting the deal as a "great example" of how smaller schemes are benefiting from a dynamic and flexible insurance market. 

"We used Beacon, our market-leading price monitoring and bulk quotation service, to provide the scheme with a confirmed price very quickly following the latest data being received," Goyanes-Payne explained. 

"This was supported by excellent collaboration between the trustees, Just, and the advisers as the transaction progressed. Just is committed to helping schemes of all sizes achieve their de-risking objectives and delivering an excellent member experience.”

EY partner, Eimear Kelly, agreed, arguing that "transactions like this demonstrate that even smaller schemes can achieve meaningful de-risking outcomes with the right preparation and collaborative approach". 

"It’s been a pleasure working with all parties to reach this important milestone," Kelly said. 

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