Pensions - Articles - Aggregate Industries completes £135m 'buy-in'


LCP today announces that the Aggregate Industries Pension Plan (the Plan) recently completed a £135m pensioner buy-in with Just Retirement Ltd, part of the JRP Group.

 The buy-in is a ‘follow-on’ transaction to the £210m pensioner buy-in completed by the Plan in 2010. It covers the benefits payable to over 750 members who have retired since the previous transaction and means the Plan now has half of its liabilities secured. Lane Clark & Peacock LLP (LCP) acted as lead advisor. Freshfields Bruckhaus Deringer provided legal advice. The Trustee Board was also advised by Punter Southall, Deloitte and Lincoln Pensions.

 Ian McGown, Head of Pensions and Reward at Aggregate Industries, said: “This follow-on buy-in provides additional financial certainty for Aggregate Industries, the Trustee Board and Plan members. In uncertain economic times Just Retirement was able to offer attractive financial and commercial terms. The successful transaction owes much to the hands-on experience of LCP and our other professional advisers working closely with Just Retirement.”

 Charlie Finch, Partner at LCP and lead adviser, said: “I am delighted to have helped Aggregate Industries and the Trustee Board secure this follow-on buy-in with Just Retirement. A series of buy-ins provides a cost effective de-risking strategy in an uncertain world. The Plan has now insured half of its liabilities, timing the buy-ins to benefit from market opportunities as they arise.”

 Tim Coulson, Director of Defined Benefits at Just Retirement, said: “Just Retirement is very pleased to enter into this buy-in and looks forward to working closely with the Trustee to deliver a successful outcome for Plan members”
  

Back to Index


Similar News to this Story

Auto enrolment nets 800K more savers but challenges remain
89% of eligible employees were participating in a workplace pension in 2024. 21.7 million are saving into a workplace pension - more than double the 1
2025 to 2026 PPF levy invoicing on hold
We’re informing our levy payers that we’re putting the 2025/26 PPF levy invoicing on hold and expect to provide a further update this Autumn. The emai
Rethinking pension adequacy through a global lens
Festina Finance is urging UK policymakers to rethink what ‘pension adequacy’ really means, and to look to other countries for tried and tested solutio

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.