The CH Johnson Pension Plan has completed an £11m full-scheme buy-in with Just Group, securing the benefits of 147 members.
The scheme, which is sponsored by Heimbach UK Ltd, a subsidiary of Heimbach GmbH, said the transaction marked a significant step in protecting members’ benefits following recent changes at the sponsoring employer.
The deal followed the commencement of a collective consultation process, with all parties working together to accelerate insurance plans and complete the transaction efficiently.
Isio advised the trustees on a multi-disciplinary basis, covering actuarial, administration, investment, covenant and insurance, while Gateley and Travers Smith also supported the transaction.
Just Group business development manager, Alma Goyanes-Payne, said the transaction highlighted the insurer’s ability to support schemes of all sizes in achieving their de-risking objectives.
CH Johnson Pension Plan chair of trustees, Phil Burgess, said the buy-in provided “vital reassurance” to members.
“Against the backdrop of recent corporate change, securing this buy-in provides vital reassurance to our members that their benefits are backed by an insurer for the long term,” he stated.
“We would like to thank Isio and Gateley, as our trusted advisers, for leading the broking process and for their longstanding advice to the trustees over many years, which ultimately enabled this transaction to take place.
“The support of Isio’s covenant team and their detailed assessment of the financial strength of our selected insurer counterparty helped us respond at pace to the company restructure.”
Isio senior manager, Tom Ridley, added that the transaction was driven by strong collaboration between all parties.
“This was a highly collaborative transaction, with all parties aligned on the importance of providing certainty and security for members following the company restructure announcements,” he noted.
“The proactive engagement from the trustees, Heimbach UK and Albany enabled us to move quickly, address challenges efficiently and deliver security for members through a swift buy-in process.”
