New Crown pension scheme completes £2.2m scheme buy-in with Just Group

Written by Callum Conway

21/11/2024

The New Crown Motor Sales Limited Staff Pension Scheme has completed a £2.2m buy-in with Just Group, securing the benefits of 36 members.

First Actuarial acted as lead risk transfer adviser to PAN trustees, with legal advice provided by Gateley Legal.

An escrow account, set up by Gateley Legal, also played a key role in the funding strategy.

Once the trustee indicated its interest in buy-in, First Actuarial registered the scheme on Beacon, Just Group’s indicative quotation system for monitoring potential risk transfer costs.

This allowed for much of the preparation to be done in advance while funding was monitored through Beacon’s monthly indicative quotations.

The scheme then moved to a guaranteed quotation at the end of July 2024, as soon as Beacon showed that the transaction had become affordable. This allowed for an efficient buy-in.

Just Group senior business development manager Martin Parker said: “We are delighted that the trustees selected Just Group for this transaction. We also enjoyed working collaboratively with the First Actuarial team using our innovative bulk quotation and price monitoring service, Beacon.

“There is a vibrant insurance de-risking market for schemes of all sizes – Just are delivering outstanding service to small schemes, large schemes and everything in between. We’re pleased to have secured the benefits for the New Crown Motor Sales Limited Staff pension scheme members.”

Adding to this, PAN Trustees managing partner, Charles Goddard, said: “We’re delighted to have completed this buy-in.

"With the company on the brink of insolvency 12 years ago, we could have ended up providing only Pension Protection Fund (PPF) benefits.

"But largely thanks to former retired directors John Culley (who sadly passed away before the transaction was completed) and Roland Dawes, who stepped in to provide financial support and personal security, their colleagues eventually got their full benefits.

"We can’t thank them enough for their help in securing the buy-in. Thanks also to the team at First Actuarial for putting the hard work in to get this over the line and to Just Group for completing the buy-in.”

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