The Engineering Council Pension Scheme has completed a £9m full-scheme buyout with Just Group, securing the benefits of around 90 members.
The scheme sponsor is the UK regulatory body for the engineering profession.
The transaction completed in April, with Cartwright Pension Trusts acting as lead adviser to the trustees as well as scheme administrator, actuary, consultant and secretary.
Dean Wetton Advisory (DWA) acted as broker, while legal advice was provided by Shoosmiths.
Engineering Council Pension Scheme chair of trustees, Colin Porter, said the buyout “represents a key milestone” in the scheme’s journey towards full de-risking.
“We are grateful to all our advisers for their collaboration and expertise throughout the process and for helping deliver a smooth outcome for our members,” he added.
Cartwright Pension Trusts director, Tony Grist, said that achieving a successful buyout required advisers and trustees to take account of each scheme's specific circumstances.
"Every scheme is different, and achieving the best outcome depends on understanding those differences from the outset. From funding position and governance requirements to member profile and transaction objectives, there is no one-size-fits-all approach," he continued.
“Our role is to help trustees navigate that complexity by ensuring the right support is in place at the right time, with every decision focused on delivering long-term security and the best possible outcome for members.”
DWA managing director, Dean Wetton, added that the deal shows how schemes can “navigate complexity, secure strong terms and deliver a smooth transition for members”.
