The group trustees of the Carillion Group of the Electricity Supply Pension Scheme have completed a £15m buy-in with Just Group, securing benefits at a level above Pension Protection Fund (PPF) compensation.

The transaction covered all members of the scheme, including 33 pensioners and 89 deferred members, with the scheme now expected to move to buyout.

Vidett acted for the scheme, while Osborne Clarke provided legal advice for the trustee and Aon was lead transaction adviser.

The scheme previously entered the PPF assessment process in 2018, following the liquidation of its sponsor Carillion Group.

Commenting on the deal, Just Group business development manager, Prashant Mehta, stated: “The scheme wanted to ensure members received the maximum benefit from the assets available, and we were glad to support this aim by being flexible in re-apportioning to member benefits any funds that became available after the data cleanse.

“We are very pleased to have secured benefits in excess of PPF levels for all the scheme members. Scheme members should have peace of mind knowing that their benefits are secured with a financially strong insurer."

Vidett head of operations, Stewart Graham, added: “This transaction required collaboration and flexibility to secure a positive outcome for the scheme members. I’d like to thank everyone involved, including the support provided by the PPF, in completing this transaction during a busy and turbulent market.”

Aon partner, Dominic Grimley, added: “PPF+ transactions can be complex but by working closely with the trustees and the insurer, we have delivered a great result for the scheme’s members. We look forward to supporting the trustees as the scheme now moves to full buyout.”

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