The trustee of the Low & Bonar Group Retirement Benefits Scheme (Low & Bonar GRBS) has completed a £50m full buy-in, covering all remaining uninsured members of the scheme.

The buy-in, which marked the final step in the scheme's de-risking journey, means that all 1,700 members of the scheme are now insured, building on the scheme's two existing pensioner buy-in policies, the first of which was secured with Just in 2015.

Commenting on the deal, BESTrustees chair of trustees, Hugh Creasy, said: “I am delighted to have taken the final step on the scheme’s derisking journey to secure all remaining members’ benefits.

"The transaction was made possible due to the thorough preparatory work and excellent collaboration between the trustee, company, LCP and other advisers.”

LCP acted as lead transaction adviser using its streamlined buy-in and buyout service, which was also used to complete the two previous pensioner buy-ins.

This service, according to LCP, helps smaller schemes get more insurers to quote, particularly given the high demand currently seen in the market, in order to achieve more competitive pricing, as well as giving access to contract terms that are usually available only for much larger schemes.

"Using LCP’s streamlined service enabled us to run a competitive process with tight timescales, resulting in a great outcome for the scheme and its members," LCP senior consultant, Lucinda Webb, explained.

“Having advised the Low & Bonar GRBS for approaching 10 years, it was a real personal achievement to help the Scheme to this point on their derisking journey where all c.1,700 members are now fully insured."

Also commenting on the deal, Just senior business development manager, Martin Parker, said: “We are very pleased to have completed this buy-in with the Low & Bonar GRBS.

"Securing a repeat transaction creates a feeling of pride for the team at Just – it is a strong endorsement that we are delivering great service and doing the right thing for members. There is a vibrant insurance de-risking market for schemes of all sizes.”

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