ABI completes £18.4m buyout with Just Group

Written by Adam Cadle

04/09/2023

The Association of British Insurers (ABI) pension and assurance scheme has completed an £18.4m buyout with Just Group.

The transaction secures the benefits of all remaining members of the scheme, sponsored by the ABI and comprises 16 pensioner members and 118 deferred members, with the scheme having insured its other pensioners in previous transactions.

The scheme received legal advice from Shepherd and Wedderburn LLP, with Just Group using internal legal counsel. The deal completed in June this year.

Head of defined benefit sales at Just Group, Peter Jennings, said: “We are delighted to have been able to fully insure the remaining members of the ABI Scheme enabled by our highly successful bulk quotation service. While the defined benefit de-risking market looks set to remain busy for some time this transaction shows there’s still plenty of competition and appetite to help schemes of all sizes secure their members’ future pensions.”

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