DFDS Seaways in front of the White Cliffs of Dover. Photo: stockcam via iStock
Just Group has completed two full scheme buy-ins for a combined £70m for The DFDS Group UK Pension Scheme and The DFDS Logistics Pension Scheme, schemes sponsored by shipping and logistics company DFDS.
The transactions, completed in July 2025, secure the benefits of approximately 980 members across the two schemes.
The DFDS Group UK Pension Scheme comprises of some 394 pensioners and 374 deferred members and has a value of £53.7m. The DFDS Logistics Pension Scheme, which includes 115 pensioners and 96 deferred members, was completed at a value of £16.7m.
Capita Pension Solutions was the lead broker on the transaction. Just Group received legal advice from Hogan Lovells, whilst the trustees were advised by Pinsent Masons.
Chair of the trustee board of both schemes Troels Kragh said: "We are pleased to have secured members benefits with Just and would like to thank Capita Pension Solutions, Just, and, Pinsent Masons for their excellent work in helping us to complete the transaction. We were impressed with the way all the parties worked together and how Capita Pension Solutions were able to work quickly and efficiently with their consultancy and administration teams for both schemes, speeding up the process and allowing us to obtain competitive terms."
Capita Pension Solutions director de-risking and special projects Colin Parnell said: "We are delighted to have helped the trustees to find a secure home for members' benefits. Capita Pension Solutions was the broker, scheme actuary, consultant, investment adviser and administrator to both schemes, which created significant efficiencies and a nimble approach to the project.
"By bringing both schemes to market at the same time and with a clear transaction plan, the trustees were able to secure an excellent deal. Completing the GMP equalisation conversion pre-transaction gave all parties confidence over the cost and timescales of the data cleanse process."
Just Group head of defined benefit sales Peter Jennings added: "Securing the schemes' liabilities is an important step as they move towards completing their de-risking journey.
"These transactions are the result of close collaboration between Capita Pension Solutions, the Trustee and scheme advisers, with our streamlined process enabling a swift and efficient buy-in that secures member benefits. This is another example of a dynamic and effective de-risking market, with Just providing an outstanding service for schemes of all sizes and with a variety of requirements."
Just Group has completed a number of bulk annuity transactions over the last few months, including a £250m buy-in with the Ultra Electronics Pension Scheme, a £60m full buy-in with two BDO schemes, and a £75m multi-scheme buy-in with the Church of Scotland.
