- Transaction insures the benefits of all Scheme members comprising 32 pensioner members
and 22 deferred members
- Builds further momentum for Just Group and demonstrates its conviction and ability to
execute deals of all sizes following £1.8bn transaction with G4S announced recently
Just Group has completed a £17m full-scheme buy-in with an unnamed pension scheme (“the
Scheme”).
The transaction, which completed in October 2024, insures the benefits of all 54 scheme members
which comprise 32 pensioners and 22 deferred members.
K3 Advisory were the advisors leading the transaction and gcTrustees were the professional Trustee
for the Scheme supported by advisors including Cartwright Pension Trusts (investment) and CMS
(legal). Just Group used in-house legal support.
In H1 2024, Just Group reported record total DB sales of £1.9bn (up 31% from £1.4bn in H123) and
completed 55 transactions (up 57% from 35 in H123). The transaction demonstrates Just Group’s
conviction and ability to help schemes of all sizes de-risk following its £1.8bn buy-in with G4S.
Ross Breckon, Business Development Manager at Just Group, said: “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. There is a vibrant insurance de-risking market for schemes of all sizes and Just are
delivering an outstanding service to small schemes, large schemes and everything in between.”
Suresh Bhatt, Director, gcTrustees Limited and Chair of Trustees, 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.”
John Mayer, Senior Actuarial Consultant, K3 Advisory, commented: “Preparing a smaller scheme for
buy-in requires a high level of expertise, each step is crucial in getting in position to seize the right
opportunity. So too is strong collaboration. 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.”
Martin Mercer, Senior Investment Consultant at Cartwright Pension Trusts, said: “Being able to
move quickly when opportunities arise is a key part of any investment strategy. When the opportunity
to purchase a bulk annuity policy arose, we were able to 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.”
