Rawle Gammon & Baker Scheme completes £23m buy-in with Just Group

Written by Paige Perrin

08/08/2024

Rawle Gammon & Baker Ltd Pension & Assurance Scheme has completed a £23m full buy-in with Just Group, securing the benefits of 113 deferred members and 154 pensioners.

First Actuarial provided administration and ongoing actuarial advice to the trustees, while Eversheds Sutherland acted as legal advisers.

The deal was advised on by K3 Advisory and was supported by K3’s strategic partner, In-Vest & Retire, who are the trustees’ investment adviser, and WPS Trustee governance services.

Commenting on the deal, chair of trustees, Paul Turner, said: “The support and advice received from WPS, In-Vest & Retire and K3 took the trustees from having the initial idea of a buy-in, through development and management of the project plan and all the way up to completion of the transaction.”

Adding to this, In-Vest & Retire managing director, Mark Foster, said by working closely with the trustees and through its strategic partnership with K3 Advisory, it was able to leverage favourable pricing.

“Together, we were able to secure an excellent outcome for the scheme members in a remarkably short timeframe," Foster added.

“We are very pleased to have secured the benefits for these scheme members and to have met the needs of the trustees and the schemes’ sponsors,” Just Group business development manager, Kishan Radia, stated.

“This transaction shows the market is open to schemes of all sizes, and in this vibrant market being well prepared is particularly valuable to small schemes in helping them secure insurer engagement.

“K3 understand this well and it’s always a positive experience to collaborate with their team on these transactions.”

K3 Advisory senior actuarial consultant, Thomas Crawshaw, commented: "After a short period of monitoring and preparation by the trustees and advisers, the attractive pricing on offer meant we were able to move quickly and complete this transaction significantly sooner than the trustees’ and sponsor’s original plans.

“In-Vest & Retire’s involvement in this transaction helped to achieve a swift result and enhanced security for the scheme members' future pension benefits."

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