Just completes largest ever deal in £345m buy-in

Deferred-heavy deal completed at the end of 2021 in midst of ‘intense market’ conditions

James Phillips
clock • 1 min read
Just completes largest ever deal in £345m buy-in

Just Group has announced a £345m full scheme buy-in with an unnamed global distribution company, the insurer’s largest bulk annuity transaction to date.

The buy-in covers around 1,000 deferred members and 900 pensioner members, and contributes to the insurer's record £1.9bn of deals in 2021.

Completed at the end of the year in a period of intense market activity", Just said the transaction showed its ability to deliver larger full scheme buy-ins.

Group chief executive David Richardson commented: "We are very pleased to have provided support to the trustee and secured the member benefits of this scheme.

"It's the highest single value transaction our defined benefit (DB) business has completed, and has contributed to Just achieving record 2021 DB de-risking sales of £1.9bn, up 28% on 2020."

The scheme was advised by Aon and DLA Piper, while CMS provided legal advice to Just.

Aon associate partner Karen Gainsford commented: "This transaction highlights the benefits of trustees being engaged and hands-on in their de-risking strategies. We worked closely with the trustee to ensure that the scheme was in the best position to move forward to this very successful conclusion."

The scheme is now preparing for a buyout, having come to the market with "well-prepared membership data and benefit specification", Just said.

James Phillips
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James Phillips

Professional Pensions journalist from 2016-2022

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