• Improved technology and pricing drives speed to market with Beacon
• Transaction insures the benefits of 180 members of the ELG Haniel Metals Limited
Pension and Assurance Scheme
Just Group has completed a £28m buy-in with the ELG Haniel Metals Limited Pension and Assurance Scheme (the “Scheme”), sponsored by ELG Metals UK Limited (the “Sponsor”), a global leader in the trading, processing and recycling of Stainless Steel and Alloy materials. The accelerated transaction leveraged favourable pricing conditions for rapid de-risking and guaranteed member benefits.
Just worked with the Trustees and adviser (Mercer), identifying advantageous market conditions in November 2024, and completed the transaction in December 2024. The speed of this transaction was facilitated by Just’s advanced technology platform that expedites and streamlines completion. This includes Just’s market-leading pricing service, Beacon, which offers real-time executable pricing and
a comprehensive technology stack for effective execution.
The buy-in insures the benefits of 180 Scheme members comprising 99 deferred members and 81 pensioners.
Mercer acted as the lead risk transfer adviser for the Scheme, Walker Morris provided legal advice to the Trustees and Just Group was advised by in-house legal counsel.
This transaction was one of 129 completed by Just in 2024, a record for the industry and a clear demonstration of the firm’s ability to scale in order to execute consistently across transaction size and type.
Ross Breckon, Business Development Manager at Just Group, said: “Leveraging our innovative, streamlined technology platform that delivers efficient pricing via Beacon, made it possible for us to execute a rapid, well-priced transaction for ELG when market conditions were favourable. Working closely with the Trustees and adviser ensured the price met the scheme’s needs, and avoiding any changes in the required contribution from the Sponsor.”
John Martin, the lead Risk Transfer adviser at Mercer, said: “The Trustees and Sponsor were keen to do a deal in 2024, but it looked like time was against them; however, working closely with Just we were able to deliver an outcome that met the Trustees’ and Sponsor’s objectives. The flexibility that Just showed in their operations helped create the opportunity, and the project was a great blueprint for how insurers and advisers can work together.”
Sue Perks, Chair of Trustees, said: “The Trustees are delighted to have reached this milestone on the Scheme’s journey. To achieve it over such a short timeframe was testament to Mercer’s hard work and proactiveness, as well as Just’s flexibility.”
Matthew Tighe, Finance Director, said: “It was important to the Company to get the deal done before the year end, but also to manage cash contributions into 2025. The speed at which the deal was done, and the positive engagement from Just, allowed us to meet our financial objectives. Thank you to all the teams involved.”
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