• Transaction insures the benefits of all scheme members comprising 215 pensioner members and 55 deferred members
Just Group has completed an £18m full-scheme buy-in with the St Modwen Pension Scheme (“the Scheme”).
The Scheme is sponsored by St Modwen Properties Limited (“the Sponsor”), an award-winning housebuilder, delivering quality new homes and sustainable communities across the UK.
The transaction insures the benefits of all 270 scheme members which comprises 215 pensioners and 55 deferred members, and completed in August 2024.
XPS Group were the advisors leading on the transaction and Dalriada Trustees were the professional Trustee for the Scheme. Just Group used in-house legal support with legal advice provided to the trustees by Squire Patton Boggs.
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).
Ross Breckon, Business Development Manager at Just Group, said: “Our innovative bulk quotation and price monitoring service, Beacon, equips Just to mobilise transactions as soon as the pricing conditions meet the Trustee and Sponsors target range. Beacon proved invaluable in delivering a great outcome for the Trustee and Sponsor of the St Modwen Pension Scheme. There is a vibrant insurance de-risking market for schemes of all sizes and we are very pleased to have secured the benefits for all the members of this Scheme.”
Tiziana Perrella, Dalriada Trustees, said: “We are delighted to have enhanced the protection of members’ benefits and reduced risk for the Scheme and its Sponsor through the purchase of the policy with Just. As the Sole Trustee, our team-based and collaborative approach, underpinned by a solid governance model of the Dalriada Together proposition, was central to helping achieve an efficient and effective transaction. The market continues to provide evidence that attractive pricing is within reach of schemes of all sizes, if they have been suitably prepared and the process is well managed.”
Harry Harper, Partner, XPS, said: “We are proud to have worked with the Trustee and Sponsor to secure an excellent transaction, safeguarding the pensions of all members and placing the scheme on a strong financial footing. A key part of this transaction was working with Just to achieve a target price in a busy bulk annuity market.”
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