LCP has advised on a £90m bulk purchase annuity transaction between Just and the Hammerson Group Management Limited Pension and Life Assurance Scheme. The transaction was completed in December 2022 through LCP’s streamlined buy-in service and has led to Just insuring pensions for all members of the Scheme.
Hammerson worked closely with the Trustees of the Scheme to move it from a £100m deficit three years ago to a fully insured basis. This included supporting de-risking the Scheme’s investment strategy, providing a corporate guarantee and injecting £55m into the Scheme between 2020 and 2022. The new agreement with Just removes the pension risk from Hammerson’s balance sheet whilst providing past and present members with certainty in their future pension with no change in the amount of their benefits or the way in which they are paid.
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