The Church of Scotland Pension Trustees has completed a £75m multi-scheme buy-in with Just Group, insuring the benefits of 1,500 pensioner and dependant members and 850 deferred members.

The transaction, completed in December 2024, covers the benefits of three sections across two of the trustee's pension schemes.

This includes a £40m buy-in for the Social Care Council section of the Church of Scotland Pension Scheme for Staff, a £25m buy-in for the Central Services Committee section of the Church of Scotland Pension Scheme for Staff, and a £10m buy-in for The Church of Scotland Pension Scheme for Ministries Development Staff.

LCP were the lead transaction advisers to the pension trustees, using their streamlined buy-in service.

Just Group used in-house legal support, while Gowling WLG and Burness Paul LLP provided legal advice to the trustees.

Trustee subgroup chair, Ray Martin, highlighted the deal as an "important step" for the trustees in reducing the risk of the schemes to the Church now that the benefits of all members are fully secured with a strongly capitalised UK insurer.

"Collaborative work between the trustees, the Church, LCP and other advisers in an efficient process made this transaction possible," he said.

Adding to this, business development manager at Just Group, Geraint Jones, said: "This was an interesting multi-scheme transaction for which we put together a competitive offering that included a bespoke price lock.

“The scheme also prioritised long-term member experience, and we are pleased to be trusted to look after the scheme's members for many years to come.

“This transaction shows that the insurance de-risking market continues to be dynamic and effective, supporting schemes of all sizes and with any type of complexity."

---