Just Group plc (“Just”) and the Trustee of the Low & Bonar Group Retirement Benefits Scheme (“Low & Bonar GRBS”) have completed a £50m full buy-in of all remaining uninsured members of the Low & Bonar GRBS.
This marked the final step on the Scheme’s de-risking journey. The Scheme already held two existing pensioner buy-in policies, the first of which was secured with Just in 2015.
LCP acted as lead transaction adviser using its streamlined buy-in and buy-out service. The previous pensioner buy-ins were also completed through this service. The LCP service provides schemes with a streamlined broking process using enhanced pre-agreed contracts. At a time when the market is busier than ever, the service helps smaller schemes get more insurers to quote, leading to more competitive pricing, as well as giving access to contract terms that are usually available only for much larger schemes.
Lucinda Webb, Senior Consultant at LCP:
“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 de-risking journey where all c.1,700 members are now fully insured. 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.”
Hugh Creasy, BESTrustees, Chair of Trustees, said:
“I am delighted to have taken the final step on the Scheme’s de-risking 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.”
Martin Parker, Senior Business Development Manager, Just, added:
“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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