Investment - Articles - Just Group complete deal with the BUT Retirement Scheme

Just’s proprietary Bulk Quotation Service triggers decisive action. Buy-in transaction secures benefits of all members. Scheme will now proceed to full buy-out.

 Just Group has completed a buy-in transaction with the trustees of the BUT Retirement Benefits Scheme, insuring all members of the Scheme, with around £40m of liabilities.

 The lead transaction adviser was Buck. The trustees’ legal advisers were Field Fisher.

 The transaction covers uninsured members, comprising 111 pensioners and 149 deferred members and completes the buy-in of all scheme liabilities. The Scheme will now proceed to full buy-out and wind-up.

 Martin Parker, Senior Business Development Manager at Just, said: “Our innovative bulk quotation service alerted the trustees immediately when the transaction entered a pricing corridor that was attractive to them. There is a vibrant consolidation market for schemes of all sizes and we are proud to have worked with the trustees and their advisers to secure the benefits of their members.”

 Nigel Plank, Chair of Trustees, said: “We are delighted to have concluded this transaction
 so smoothly thanks to the indicative pricing and Just and Buck’s collaborative approach. Our long-term goal was to secure the benefits of our members, and Buck’s expert guidance throughout the transaction allowed us to do so earlier than we had initially anticipated. Working with Just ensures our members’ pensions are secure and that members will continue to receive excellent customer service once buy-out is completed.”

 Mark van den Berghen, Head of Risk Transfer at Buck, said: “We are very pleased to have secured this transaction for the trustees of the BUT Retirement Benefits Scheme. Our ongoing collaboration with the trustees and sponsor meant we were able to use Just’s indicative pricing to request a formal quotation at the right time, and move to a completed transaction efficiently, ensuring the security of members’ benefits.”

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