St Modwen Pension Scheme completes £18m full-scheme buy-in with Just Group

Written by Callum Conway

29/10/2024

The St Modwen Pension Scheme has completed an £18m full-scheme buy-in with Just Group.

The transaction, completed in August 2024, insures the benefits of all 270 scheme members, including 215 pensioners and 55 deferred members.

XPS Group was the advisor leading the transaction, and Dalriada Trustees was the professional trustee for the scheme, which is sponsored by St Modwen Properties Limited.

Just Group used in-house legal support with legal advice provided to the trustees by Squire Patton Boggs.

Commenting on the deal, Dalriada trustee, Tiziana Perrella, said: "We are delighted to have enhanced the protection of members' benefits and reduced risk for the scheme and its sponsor through the purchase of the policy with Just.

"As the sole trustee, our team-based and collaborative approach, underpinned by a solid governance model of the Dalriada Together proposition, was central to helping achieve an efficient and effective transaction.

“The market continues to provide evidence that attractive pricing is within reach of schemes of all sizes, if they have been suitably prepared and the process is well managed."

Adding to this, Just Group business development manager, Ross Breckon, said its price monitoring service 'Beacon' was "invaluable" in delivering a great outcome for the trustee and sponsor of the St Modwen Pension Scheme.

"Our innovative bulk quotation and price monitoring service, Beacon, equips Just to mobilise transactions as soon as the pricing conditions meet the trustee and sponsors target range," he explained.

"There is a vibrant insurance de-risking market for schemes of all sizes, and we are very pleased to have secured the benefits for all the members of this scheme."

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