Wednesbury Pension Scheme completes £43m buy-in with Just Group

Written by Callum Conway

26/11/2024

The Wednesbury Pension Scheme has completed a £43m buy-in with Just Group.

The transaction secured the benefits of all 384 scheme members and completed the buy-in of all scheme liabilities.

The scheme was sponsored by Mueller Europe Ltd, a UK-based manufacturer, but had sufficient funds available to secure the buy-in without additional contributions from the employer.

The scheme had been in a buyout surplus for some time, and its investments were fully derisked and liquid.

Atkin Pensions administered the Wednesbury Pension Scheme, while Neon Legal provided legal advice to the trustee, while Just Group received internal legal advice.

Broadstone provided annuity broking service, adding to their long-standing appointment as a scheme actuary and investment consultant.

Just Group DB analyst, Rosie Mills, commented on the deal: “Our innovative bulk quotation and price monitoring service, Beacon, meant Just could offer the scheme a guaranteed quotation which allowed the scheme to transact quickly and within its preferred timescale.

"There is a vibrant insurance de-risking market for schemes of all sizes – Just is delivering outstanding service to small schemes, large schemes and everything in between – and we’re very pleased to have secured the benefits for all the members of The Wednesbury Pension Scheme.”

Adding to this, Atkin Pensions head of trustee services, Richard Bryant, said: “We are pleased to have facilitated a successful buy-in of scheme benefits with Just Retirement.

"This outcome secures a strong future for members and the sponsoring employer, proving that smaller schemes can achieve outstanding results. It’s great that the preparatory work has resulted in an attractive deal for all stakeholders.”

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