The deal secures the benefits of all Scheme members comprising 409 pensioners and 358 deferred members. The Scheme is sponsored by Energizer Group Limited (“the Sponsor”), a leading global battery and lighting brand.
The transaction was made possible by using Just’s innovative proprietary Bulk Quotation Service, which monitors pricing against data received from the Trustee or employee benefit consultant allowing quick execution when plan funding levels aligns with a target price.
The deal was completed in February 2024. Buck, a Gallagher company, acted as the employee benefit consultant on this transaction. Legal advice for the Trustee was provided by Hogan Lovells and Just used in-house legal support.
Geraint Jones, Business Development Manager at Just Group, said: “It was a pleasure to work with Buck and Zedra to secure the Energizer UK Pension Plan members’ benefits. The transaction demonstrates that there is a vibrant DB de-risking market for schemes of all sizes. Our innovative Bulk Quotation Service provides access to live insurer pricing for all schemes on our technology platform, allowing us to simplify pricing and execution for the Trustee.”
Clare James, Head of PCST and Client Director at Zedra Governance Ltd, commented: “The Trustee is delighted to have been able to complete a buy-in transaction with Just, enhancing the security of benefits for members of the Plan. The Trustee was particularly pleased with how quickly it was possible to move from guaranteed quote to execution, thanks to the responsiveness of Just, our advisers, Buck and Hogan Lovells, and our Zedra Governance Ltd professional corporate sole trustee model.”
Steve Williams, Senior Consulting Actuary and lead broker at Buck said: “We are delighted to have helped the Trustee secure an insurance policy with Just, which represents a brilliant outcome for the Plan and its members. Our team worked closely with the Trustee and co-advisers to get this deal completed in a short amount of time, allowing the Trustee to take advantage of favourable insurance pricing.”
Amol Chalisgaonkar, Legal adviser at Hogan Lovells added: “We are pleased to have assisted Zedra Governance Limited, the sole professional Trustee of the Scheme, with securing all members’ benefits in a very short timescale. Alongside our co-advisor Buck, we helped the Trustee lay down the groundwork to ensure it was in a good position to take advantage of favourable pricing and move to transact quickly. This is a big positive step for the security of members’ benefits.”
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