DFDS pension schemes agree full-scheme buy-ins with Just Group

Written by Sophie Smith

06/11/2025

The DFDS Group UK Pension Scheme and the DFDS Logistics Pension Scheme, both of which are sponsored by DFDS, have agreed two full scheme buy-ins with Just Group, totalling a combined £70m.

The transactions, completed in July 2025, secured the benefits of approximately 980 members across the two schemes.

In particular, the DFDS Group UK Pension Scheme, covering 394 pensioners and 374 deferred members, was completed at a value of £53.7m, while the DFDS Logistics Pension Scheme, covering 115 pensioners and 96 deferred members, was completed at a value of £16.7m.

Capita Pension Solutions was the lead broker on the transactions, while Just Group received legal advice from Hogan Lovells, and the trustees were advised by Pinsent Masons.

Commenting on the deal, chair of the trustee board for 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 of de-risking ad special projects, Colin Parnell, also emphasised the importance of proper preparation, suggesting that, in particular, completing the guaranteed minimum pension (GMP) equalisation conversion pre-transaction gave all parties confidence over the cost and timescales of the data cleanse process.

In addition to this, he said that 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".

This was echoed by Just Group head of defined benefit (DB) sales, Peter Jennings, who highlighted the deals as 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".

"We’re extremely pleased to have secured the benefits of all the members of these two schemes. Securing the schemes’ liabilities is an important step as they move towards completing their de-risking journey," he stated.

"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."

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