Dan Gilmour, Trustee Director at IGG says: “IGG has acted as Trustee of the Scheme since 2008, and we are very pleased to have secured members’ benefits with Just Group. I’d like to thank them and the excellent First Actuarial team for facilitating such a smooth process.”
Steve Higginbottom, Risk Transfer Consultant at First Actuarial, says: “We knew it would be challenging because few insurers will take on a small scheme with deferred members. However, once we received an indicative quotation from Just Group – which showed that buy-in could be secured without any additional contributions required – we knew we had something to work towards.”
From that point, the Scheme Actuary, First Actuarial’s Sam Purves, worked collaboratively with Just Group, the Scheme’s legal advisers Pinsent Masons, and IGG to progress the buy-in as efficiently as possible.
Kishan Radia, Business Development Manager at Just Group, commented: “The Defined Benefit de-risking market is buoyant, it continues to offer opportunities for schemes of all sizes, and our commitment to working with schemes, big or small, is demonstrated here. We are very pleased to have secured the benefits for the Scheme members and to have met the needs of both the Trustee and the Scheme sponsor.”
First Actuarial then took over the administration of the Scheme, preparing the data and clarifying Scheme rules and benefits to ensure a smooth and successful buy-in.
Steve concludes: “We all enjoyed working with IGG – they’re a responsive, positive and pragmatic team. In such a busy market, it’s never easy matching small schemes with insurers and it’s good to celebrate that when it happens.”
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