Birmingham Chamber of Commerce Pension Fund agrees £9m buy-in with Just

Written by Sophie Smith

14/02/2024

The Birmingham Chamber of Commerce Pension Fund has agreed a £9m full scheme buy-in with Just Group, covering retirement benefits for around 100 pensioners and 40 deferred members.

Quantum Advisory acted as the lead transaction adviser, investment adviser and scheme actuary, while Gateley provided the trustee with legal advice.

Trustee Corporate Limited, acting as sole trustee for the scheme, agreed the deal with Just Group towards the end of last year, in a “significant step” towards full scheme buy-out.

The deal was also highlighted as the start of a “new chapter” for the sponsoring employer, Birmingham Chamber of Commerce & Industry, who will now concentrate their resource on commercial activities in the surrounding area.

Just Group senior business development analyst, Rosie Mills, also highlighted the quick completion of the deal, particularly in a busy market, as illustration that there is a "vibrant bulk annuity market for schemes of all sizes".

“We’re very pleased to have helped secure the future benefits of 140 members and assist the trustee on its journey towards buy-out, while freeing the Birmingham Chamber of Commerce and industry to focus their resources on commercial activity in their local area," she said.

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