The Epson (UK) Limited Pension Scheme has completed a £60m buy-in with Just Group, securing the benefits of 113 pensioners and 289 deferred members.
Dalriada acted as professional trustee to the scheme, while EY acted as the employee benefits consultant on the deal, and Foster Denovo Secondsight provided member communications advice and supported consultations with members.
Just Group used its in-house legal support, while Gowling WLG provided legal advice to the company and Osborne Clarke provided legal advice to the trustee.
The scheme is sponsored by technology company Epson (UK) Limited and Epson Europe B.V., subsidiaries of the technology manufacturing firm Seiko Epson Corporation.
Commenting on the deal, Dalriada director of trustees, Adrian Kennett said: “We are delighted to have enhanced the protection of members’ benefits through the purchase of the policy with Just.”
Adding to this, Epson Europe head of operations, Ethaniel Kelly-Wilson, said: “Through this transaction, Epson is securing its longstanding pensions promises to scheme members, and we are reassured that all the affected employees agreed with our business case to make this change.
“Over a period of many years, we have built a strategy to de-risk our scheme and get us to a place where a transaction was achievable, and we have managed to achieve this well ahead of schedule.
“I would like to thank all involved for helping us get to this position.”
Just Group business development manager, Ross Breckon, echoed this, stating that Just Group was “delighted” to have worked in “such strong collaboration" with the trustee, sponsor, and professional advisers to secure member benefits.
He continued: “Our innovative bulk quotation service provided the overseas parent company with timely pricing insight which enabled them and the trustee to confidently make the decision to transact.”
EY partner, Eimear Kelly, commented: “We are very pleased to have been able to work collaboratively with Epson, the trustee and Just and other professional advisors to secure members’ benefits.”
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