Just is playing an active role in meeting the required timelines, ensuring a timely and certain exit from pension obligations through a completed buy-out, which is essential to support the corporate restructuring process. To achieve this, Just has assumed responsibility for key elements of the data cleanse journey, in particular the GMP (Guaranteed Minimum Pension) equalisation. This will be done using agreed methodology, with, in this case, a contractual obligation to complete the buy-out by summer 2026. This gives both the Trustees (Aretas Trustees) and Sponsor (The Ridsdale Trust, part of Goodfellow Cambridge Limited) peace of mind as the Scheme progresses to wind up.
The insurer-led data cleanse and GMP equalisation deployed in this transaction, are designed to help schemes with the right profile and strategic drivers to accelerate their journey to buy-out and reduce the potential costs associated with lengthy administrative processes. Just expects insurer-led approaches for data cleanse and GMP equalisation work to become common market practice and will, selectively, build on this approach through 2026.
The Trustees, Aretas, were advised by PwC as the lead risk transfer advisers for the Scheme, Gowlings provided legal advice to the Trustee and Just Group was advised by CMS and internal legal counsel.
Rob Mechem, Director of Commercial at Just Defined Benefits said: “We’re very pleased to have helped the Ridsdale scheme navigate a complex corporate timeline with confidence, accelerating the path to buy-out. We believe that insurers are in a unique position to take on more of the data cleanse and GMP work and with greater control, we can commit to firmer timelines for reaching buy-out. We are proud to yet again be breaking new ground in the vibrant bulk annuity market to deliver great Scheme and member outcomes. This transaction will demonstrate that delivering a quicker, more cost effective buy-out process can be achieved, with a commitment the trustee and sponsors can rely on.”
James Keates, Risk Transfer deal lead at PwC said: “We are delighted to have supported the Trustee and Sponsor in delivering this buy-in with a clear, defined path to buy-out. Transactions like this demonstrate that the market continues to evolve, with insurers and advisors offering new solutions and opportunities for schemes with clear objectives.”
Nadeem Ladha, Trustee, Aretas Trustees: “Just was selected because they can support data cleanse and GMP equalisation, with a guaranteed buy-out process that will complete ahead of the corporate timeline. This was a crucial factor for us and we’re pleased that we have been able to secure our members’ benefits even with a very tight deadline for wind up.”
Andrew Watson, Chief Financial Officer, Goodfellow Cambridge Limited: “We are grateful to Just, the Trustees and the advisers for their collaborative and proactive approach that will ensure we can complete the buy-out in time to meet our corporate obligations in 2026. Our members are important to us and it was absolutely essential that their pensions be safeguarded into the future.”
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