The Moog Retirement Benefits Plan has completed a £25m buy-in with Just Group, covering the scheme's remaining 28 deferred members and 139 current pensioner members.

Open Trustees acted as the scheme's independent trustee, while Osborne Clarke acted as legal advisers.

Gallagher also worked with the scheme trustees to monitor the affordability of a potential buy-in over the past three years, having been appointed as risk transfer brokers for the transaction in 2022, and subsequently establishing a joint working group between the trustees and the sponsor to manage the buy-in.

During this time, the trustees also undertook a series of tasks to thoroughly prepare the scheme for a buy-in transaction, including implementing gauranteed minimum pension (GMP) equalisation through Gallagher’s GMP solution.

This meant that the trustees were able to move quickly when the buy-in timeline accelerated in May 2024, after Gallagher’s risk transfer team notified the trustees of a pricing opportunity that fell well within agreed tolerances, signing the contract for the final buy-in in June 2024.

The trustee's "careful preperation" ahead of the deal is also expected to see the scheme benefit from more certainty on the results of the true-up period, which will begin shortly.

Commenting on the deal, managing director at Open Trustees, Jonathan Hazlett, said: "We've worked very closely in recent years with our fellow trustees, Moog Controls Limited and Gallagher to get the plan 'buyout ready'.

"We're really pleased to have secured plan members' benefits in full with Just Group at a competitive price in a busy market in short timescales."

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