Just Group completes swift £94m buy-in with Mabey Pension Scheme

Written by Marek Handzel

29/06/2023

The Mabey Pension Scheme has secured a £94m buy-in transaction with Just Group, completing the deal in the space of three months.

The scheme has some 1,000 members who will benefit from the deal, with Mabey Holdings CEO, Kate Beauchamp, stating she is confident that the buy-in is “an excellent next step” in securing the scheme and providing increased assurance for all members.

“Mabey Holdings has always taken its responsibilities as a DB scheme sponsor extremely seriously and we are delighted, having worked very closely with Isio, the scheme trustee and wider advisory team, to see this important project successfully delivered,” said Beauchamp.

Mabey Holdings, the scheme’s sponsor, received advice from Isio on the deal. Isio also advised Zedra Governance, the scheme’s trustee.

Legal advice was provided to the trustee by Osborne Clarke and First Actuarial were the scheme actuary and administrators of the scheme.

Just Group's DB business development manager, Kishan Radia, said the deal is further evidence that there is a vibrant consolidation market for schemes of all sizes.

Commenting on the deal itself, he pointed out that the scheme was well-prepared and transaction-ready, allowing Just Group and Isio to complete the deal within the three-month timeframe.

Adding to this, Isio’s risk management specialist David Costello, highlighted the transaction as proof that by outlining success criteria up front, “all parties can work collaboratively and with pace to achieve the desired results”.

The deal is the third major one conducted by Just Group in the past three months, including a £40m deal with BUT Retirement Benefits Scheme, and a £190m buy-in for the Ibstock Pension Scheme, which built on its £340m buy-in deal with the scheme in 2020.


This article first appeared on our sister title, Pensions Age.

Related Articles