The Veitchi (Holdings) Limited Retirement Benefits Scheme has completed an £8m full buy-in with Just Group, securing the benefits of its remaining 82 uninsured members.

The deal, which was finalised in mid-December, completes the buy-in of all scheme liabilities, covering all remaining uninsured members, including 31 pensioners and 51 deferred members.

Broadstone was appointed to provide annuity broking on the transaction, while legal advice was provided by MacRoberts LLP and investment consulting support was provided by Isio.

The scheme is now expected to proceed with a full buyout and wind-up.

Commenting on the deal, ACMA Limited independent chair of trustees, Allan Martin, emphasised the importance of speed and co-ordination, stating: “An offer from the sponsor to contribute the buyout shortfall and thereby insuring all members’ benefits has to be in their best interests. We grasped the opportunity and was something we had to act quickly on to achieve.

“We worked closely with the sponsor, Just and our advisers to make the most of the funding position and obtain a price that was affordable. This required real co-ordination across all parties to get everything completed and some innovative thinking to deal with less liquid assets.

“I’m delighted we managed to complete the deal and look forward to working with Just, MacRoberts, ISIO and Broadstone to wind up the scheme.”

Adding to this, Broadstone head of trustee services, Christopher Rice, stated: “When the sponsor approached the trustees confirming it could fund the buyout shortfall within reasonable levels, we did everything in our power to make the transaction happen.

““I’m really pleased that we could work closely with Just Group and the other advisers to achieve the transaction at a price that the sponsor could afford.

“Our SM&RT Insure process is designed specifically for these situations, helping us move quickly to prepare the scheme alongside the insurer to achieve end-game.”

Just Group business development, Harriet Fallows, added: “It is pleasing to see our bulk quotation service in action and delivering what clients need. This service provided reassurance that the transaction was affordable and enabled the trustees, working with Broadstone, to rapidly transact with us.

“We are committed to working with schemes of all sizes and we are delighted to have been selected by the trustees of the Veitchi (Holdings) Limited Retirement Benefits Scheme for this mandate.”

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