Just Group completes £484m full scheme buy-in with Barloworld UK Pension Scheme

Written by Adam Cadle

08/09/2022

Just Group has completed a £484m full scheme buy-in with the Barloworld UK Pension Scheme, insuring the beneits of around 3,000 pensioners and 1,800 deferred members.

Just Group reinsured approximately 50% of the liabilities in the scheme with an external reinsurance partner.

This transaction is Just Group’s largest defined benefit (DB) transaction to date, with the deal described as a “key step” in the scheme’s journey plan to having buy-in investments that cover all scheme benefits.

The lead transaction adviser was LCP, while Isio acted as scheme actuary and investment adviser to the trustee.

Legal advice was provided to the trustee by Pension Partners and MacFarlanes, while CMS provided legal advice to Just Group.

The trustee was chaired by Independent Trustee Services.

Just Group managing director, DB solutions, Pretty Sagoo, said the insurer was “very pleased” to be selected by the trustee to secure their members’ benefits.

“This is a very strong endorsement by the trustee of our service and the member onboarding experience we will provide,” she continued.

“We have established a strong franchise and reputation in the small and medium segments of the market. We have the capabilities, resources and confidence to repeat this success by writing bigger deals, in the higher value segment of the market.”

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