The CP Pharmaceuticals Limited Pension Scheme has secured a £28m full buy-in with Just Group, securing the benefits of all 317 previously uninsured scheme members.

The deal, which was completed in October, did not require any additional contribution from the sponsor.

It covered 46 pensioners and 271 deferred members, completing the buy-in of all scheme liabilities, with the scheme now expected to proceed to full buyout and wind-up.

Broadstone provided annuity broking as well as investment consultancy services, while legal advice was provided by Eversheds, with additional trustee advice provided by Capita.

Commenting on the deal, chair of trustees, James Higgins, stated: "Just and Broadstone worked together superbly with our other advisors to complete this transaction.

"We are delighted to have now secured benefits for all of our members with no additional contribution required from the company and look forward to winding up the scheme."

Adding to this, senior business development manager at Just Group, Martin Parker, stated: "It has been a privilege to work with Broadstone and the other trustee advisers using the bulk quotation service for this well-prepared scheme.

"We look forward to continuing to work collaboratively towards the scheme winding-up and providing security and a supportive experience for the members long into the future."

Senior actuarial director and deal lead at Broadstone, Mark Channon, added: "As soon as the trustees became aware that the scheme potentially had sufficient assets to secure member benefits in full, discussions began on protecting the position and preparing it for the insurance market.

"It is great to have completed this transaction in a vibrant market, without needing any additional contribution from the sponsor."

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