Just Group completes £513m full scheme buy-in with GKN Group pension scheme

Written by Adam Cadle

02/03/2023

Just Group has completed a £513m full scheme buy-in with the trustee of the GKN Group pension scheme (No. 4), the largest DB de-risking transaction completed by the insurer.

The buy-in insures the benefits of 2,262 pensioners and 1,963 deferred members.

EY was the lead transaction adviser, the announcement additionally detailed, Mercer acted as risk transfer advisor to the trustee, and Cardano worked closely with the trustee on the asset transition.

The trustee legal advisers were Pinsent Mason and Clifford Chace were the legal advisers to Melrose.

Just Group maintained internal legal counsel and the trustee was chaired by Andrew McKinnon.

Just Group head of DB sales Peter Jennings commented: “The team at Just are proud to have worked with Melrose, the trustees and their advisors in securing the benefits of the GKN Group pension scheme (No. 4).

“This was a textbook example of how stakeholders should collaborate to deliver a very efficient and well-executed transaction to achieve excellent outcomes for the trustees and their members.”

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