Just Group completes 400 bulk annuity transactions

Written by Paige Perrin

09/05/2024

Just Group has completed 400 bulk annuity transactions since it entered the defined benefit (DB) de-risking market in 2012.

Since 2012, the business has accounted for around one in five of all de-risking transactions completed across the market, including the first transaction of over £250m in 2018, a deferred member proposition launched in 2020, and 80 transactions in 2023 with sales up 21% to a record £3.4bn.

This also follows the launch of a new DB financial advice proposition by HUB Pension Consulting, part of Just Group, which aims to provide regulated advice to individual scheme members.

Commenting on the milestone, Just Group group CEO, David Richardson, said: “I’m incredibly proud of the team’s achievements since we entered the market at the end of 2012.

“Passing the milestone of completing 400 transactions is a good moment to reflect on how much we have helped trustees and sponsors of DB schemes secure the lifetime benefits for their members.

“We operate in a vibrant and competitive market with multiple insurers bidding for transactions.

“This helps ensure schemes of all sizes are well served by the market and completing 400 transactions is a marker of how well our service and proposition is meeting the needs of trustees, sponsors, and members.

“Each transaction is a unique team effort, and we would like to thank all our colleagues, trustees, sponsors, employee benefits consultants and other professional services partners, who have worked together to provide solutions that provide the maximum protection for member benefits.”

Adding to this, Just Group managing director DB solutions, Pretty Sagoo, said that further demand is expected in the DB de-risking market, with the majority of DB schemes now funded at buyout levels as a result of the significant improvement in scheme funding in the last few years.

"Of our 400 transactions, four in 10 have completed since 2022," she stated, continuing: “We estimate that only 15% of defined benefit liabilities have been transferred to insurers via de-risking transactions since 2007.

“This market has significant headroom for growth and Just Group are well positioned to help large, medium, and small schemes achieve their objectives.”

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