An unnamed manufacturing firm's defined benefit (DB) pension scheme has completed an £11m buy-in with Just Group.

The transaction secured the benefits of 87 members, including 62 pensioners and 25 deferred members.

Cartwright Pension Trusts acted as scheme administrator, actuary and secretary to the trustees.

Dean Wetton Advisory brokered the deal, while investment management services were provided by SEI Investments, and legal advice was provided by Burges Salmon.

Commenting, Cartwright Pension Trusts director, Tony Grist, said: “A successful buy-in is the result of careful preparation and a clear long-term strategy.

“By working closely with the trustees throughout the process, we helped ensure the scheme was well positioned to move forward when the opportunity arose.

“The scheme's strong funding position provided the trustees with the flexibility to progress their de-risking strategy.”

Grist said that combining services “under one roof” helped trustees meet their objectives and secure members’ benefits.

Dean Wetton Advisory managing director, Dean Wetton, added: "The scheme was well prepared to enter the market, supported by its strong funding position and clear objectives.

"That enabled us to run a competitive process, working closely with the trustees and their advisers to secure an excellent outcome with Just.”

Wetton said the deal was an “important milestone” for the firm as it looks to establish itself in the annuity broking market.

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