The trustees of an unnamed pension scheme have completed a £17m full-scheme buy-in with Just Group, insuring the benefits of all 54 scheme members.

This comprised of 32 pensioners and 22 deferred members who worked for the family-owned, food manufacturer.

K3 Advisory was lead adviser on the transaction and Just Group used in-house legal support.

GcTrustees acted as professional trustee for the scheme and were supported by advisers including Cartwright Pension Trusts who acted as investment advisers and CMS who acted as legal advisers.  

Commenting on the transaction, Gctrustees director and chair of trustees, Suresh Bhatt, said: “The successful completion of this buy-in marked a significant milestone in the scheme’s derisking journey which began over 5 years ago.

“Working collaboratively with a supportive sponsor, Just and our team of advisers led by K3 Advisory ensured a smooth and efficient process.

“We are delighted to have secured this deal with Just demonstrating both the sponsor’s and trustees’ commitment to our members and safeguarding the long-term stability of the scheme.”

Adding to this, K3 Advisory senior actuarial consultant, John Mayer, said that preparing a smaller scheme for buy-in requires a “high level” of expertise, stressing that each step was “crucial” in getting in position to seize the right opportunity.

“Thanks to our strong relationships and deep market insight, we were able to do exactly that and provide a well-structured, tailored solution that delivers member security and strengthens the scheme's position for the future,” Mayer added.

Cartwright Pension Trusts senior investment consultant, Martin Mercer, also noted that moving quickly when opportunities arise is a “key” part of any investment strategy.

He added that when the opportunity to purchase a bulk annuity policy arose, it could work with the trustees to reduce investment risk as far as practical without delay.

“Our nimble approach and partnership with K3 means our clients can take advantage of opportunities at short notice,” he stated.

Just Group business development manager, Ross Breckon, commented: “Our innovative price monitoring and bulk quotation service, Beacon, enabled us to mobilise this transaction as soon as pricing conditions allowed.

“This created some flexibility around the transaction which was important given the complicated benefits structure and demonstrates Just Group’s ability to provide bespoke solutions.”

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