Hyde Housing pension scheme agrees £60m buy-in with Just Group

Written by Sophie Smith

05/12/2023

The trustees of the Hyde House Association Limited Pension and Assurance Scheme have completed a £60m buy-in with Just Group, covering all of the scheme's remaining uninsured liabilities.

The transaction builds on two existing buy-in policies secured with Just in 2015 and 2016, totalling around £30m, meaning that the full 850-strong membership is now insured.

LCP acted as lead transaction adviser on the deal, making use of its streamlined buy-in and buyout service, which aims to help smaller schemes access competitive pricing, particularly amid the current busy market.

LCP partner, David Stewart, said: “We are delighted that we have reached this major milestone of having helped small pension schemes secure over £3bn with insurers, in what is the busiest segment of the market.

“The trustees of the Hyde Housing Scheme have been a great supporter of this service having also used it for their two previous transactions. It has been a pleasure working with the trustees on this final stage of their de-risking journey.

“We introduced the streamlined service to the market in 2011, and it continues to be popular with the insurers today due to its tried and tested formula and the volume that transacts through it.

“Over the last six months, we have helped ten schemes under £100m successfully transact and achieve highly competitive pricing using the streamlined service. This is at a time in the market when the evidence shows that smaller schemes are struggling to get insurer engagement through other routes.”

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