Just Group agrees £90m buy-in with Hammerson Group pension scheme

Written by Sophie Smith

17/07/2023

The trustees of the Hammerson Group Management Limited Pension and Life Assurance Scheme have completed a £90m bulk annuity transaction with Just Group, securing retirement benefits for all members of the scheme.

The deal, completed under LCP's streamlined buy-in service in December 2022, removed the pension risk from Hammerson’s balance sheet whilst providing members with certainty in their future pension with no change in the amount of their benefits or the way in which they are paid.

Those involved highlighted the importance of scheme preparation in securing the deal, with Hammerson having worked closely with the scheme trustee to move it from a £100m deficit three years ago to a fully insured basis.

This included supporting de-risking the scheme’s investment strategy, providing a corporate guarantee and injecting £55m into the scheme between 2020 and 2022.

Just Group head of DB sales, Peter Jennings, stressed the need for proper scheme preparation, stating: "There is a vibrant consolidation market for schemes of all sizes, and 2023 is going to be a very busy year. So, it helps having well-presented transactions with an efficient process, which the LCP streamlined buy-in service always delivers.”

Related Articles