The NG Bailey Scheme has agreed two pensioner buy-ins worth £66m with Just Group with support from K3 Advisory.
The deal, announced today (28 April), follows a separate £50m pensioner buy-in between the £400m scheme and Just, which completed in 2017.
The family business said it had achieved favourable terms with Just in the initial transaction and therefore expressed renewed interest with the insurer for the second deal.
Sole trustee Jon Sharp, who is also director of Western Pension Solutions, said: "We have worked collaboratively with NG Bailey for many years, helping them manage their pension scheme and secure members' benefits, insuring £50m of pensioner liabilities in 2017.
"One of our key strategic aims is to be able to seize market opportunities when they arise, and so we are delighted to have concluded these transactions.
"The original transaction, for £49m of pensioners, received favourable terms from Just Group and so we quickly followed that up with another £17m of pensioners on the same terms."
NG Bailey chief financial officer Mike Porter added: "As a proud family business with a long tradition of looking after our employees throughout their careers and into retirement, we were keen to secure the benefits of our pensioners at a cost that worked for shareholders and trustees.
"As a family-backed business themselves, K3 and Western Pension Solutions understood the importance of this, and with their close collaboration we managed to achieve a deal that had little impact on either the scheme or company's finances while materially reducing the risks posed by the scheme. A fantastic deal all round."
Just Group business development manager Peter Jennings said he was "delighted" to have secured the scheme's benefits.
K3 Advisory said the deals now placed it in the medium scheme arena. Managing director Adam Davis said: "The billion-pound transactions continue to get the headlines but underneath the surface, the activity in the small and medium scheme space continues to grow significantly.
"This transaction shows that K3's unique ‘simple and certain' approach to broking can achieve pricing well ahead of what's being achieved in the market for small and medium schemes alike, and that insurers are keen to transact if the conditions are right."