The Chartered Institute of Procurement and Supply Pension Scheme has completed an £11m full scheme buy-in with Just Group.
The pension scheme, sponsored by the not-for-profit Chartered Institute of Procurement and Supply (CIPS), was advised by K3 Advisory, part of Isio, which was appointed as risk transfer adviser to the scheme in December 2025.
The buy-in secures the benefits of 24 deferred members and 59 pensioners and dependants.
It is understood the transaction attracted strong insurer interest despite high activity levels across the bulk annuity market – with Just's pricing and flexibility enabling the trustee to move quickly to secure members' benefits.
Capital Cranfield acted as professional corporate sole trustee to the scheme. Capita acted as scheme actuary, investment adviser and administrator; Stephenson Harwood provided legal advice; and Argyll Covenant acted as insurer covenant adviser.
The buy-in marks a significant milestone for the scheme, providing long-term security for members' benefits and the scheme was in surplus at the point of transaction.
CIPS finance director Mark Draisey commented: "We are pleased to have completed this transaction for the scheme and its members. The buy-in provides long-term security for members' benefits and demonstrates the positive outcome that can be achieved through strong collaboration between all parties involved.
K3 Advisory senior actuarial consultant Thomas Crawshaw said: "Completing this transaction within six months of our appointment demonstrates how smaller schemes can achieve efficient and successful outcomes in a busy market. With a focused process and strong insurer engagement, the trustee was able to move quickly to secure members' benefits with Just."
Capital Cranfield professional trustee Richard Williams added: "The successful completion of this buy-in reflects the value of a well-coordinated and efficient approach between the trustee and advisers. Despite a highly active market, the scheme was able to secure members' benefits with a competitive insurer solution and move quickly to complete the transaction."
Just Group deal manager Rajan Hothi commented: "Having been monitored on our pricing platform, Beacon, this transaction was supported by clear pricing visibility from the outset. Working in close partnership with the trustee and their advisers, we are pleased to have delivered a solution that supports the scheme's long-term objectives and will achieve a great outcome for members."
Just Group has announced several bulk annuity transactions so far this year, including a £160m buy-in with the Hartwells Pension Plan, a £220m buy-in with the Church of Scotland, which secured the benefits of 3,500 members, a £61.8m buy-in with Scandinavian Airline Systems, and an £11m buy-in with the CH Johnson Pension Plan.
