Wednesbury Pension Scheme completes £43m buy-in with Just Group

The Wednesbury Pension Scheme has completed a £43m buy-in with Just Group.

The transaction secured the benefits of all 384 scheme members and completed the buy-in of all scheme liabilities.

The scheme was sponsored by Mueller Europe Ltd, a UK-based manufacturer, but had sufficient funds available to secure the buy-in without additional contributions from the employer.

The scheme had been in a buyout surplus for some time, and its investments were fully derisked and liquid.

Atkin Pensions administered the Wednesbury Pension Scheme, while Neon Legal provided legal advice to the trustee, while Just Group received internal legal advice.

Broadstone provided annuity broking service, adding to their long-standing appointment as a scheme actuary and investment consultant.

DB analyst at Just Group, Rosie Mills, commented on the deal: "Our innovative bulk quotation and price monitoring service, Beacon, meant Just could offer the scheme a guaranteed quotation which allowed the scheme to transact quickly and within its preferred timescale.

"There is a vibrant insurance derisking market for schemes of all sizes – Just is delivering outstanding service to small schemes, large schemes and everything in between – and we’re very pleased to have secured the benefits for all the members of The Wednesbury Pension Scheme."

Head of trustee services at Atkin Pensions, Richard Bryant, added: "We are pleased to have facilitated a successful buy-in of scheme benefits with Just Retirement.

"This outcome secures a strong future for members and the sponsoring employer, proving that smaller schemes can achieve outstanding results. It’s great that the preparatory work has resulted in an attractive deal for all stakeholders."



Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.