Just Group announces £250m buy-in deal with Keysight Technologies

Just Group has completed a buy-in transaction for the trustees of the Keysight Technologies UK Limited Retirement Benefits Plan.

The deal covers approximately £250m of pensioner liabilities and over 750 members of the plan.

The plan sponsor, Keysight Technologies, manufactures electronic test and measurement equipment and stated that the latest transaction represents the group’s strategy of de-risking its pensions exposure.

Just Group CEO, David Richardson, commented: “We are extremely pleased to be supporting the trustees and sponsor of the Keysight Technologies UK Limited Retirement Benefits Plan in their de-risking journey.

“The quality of our member services, our talented people and our focus on the bulk annuity business were factors that influenced the trustees to favour Just Group. We have received over £8.5bn of pension scheme liabilities and secured the benefits for over 40,000 pension scheme members since we entered the bulk annuity market in 2012.”

Chair of Trustees at Keysight Technologies UK Limited Retirement Benefits Plan, Nick Johnson, added: “We chose Just because they demonstrated a well-rounded commercially compelling proposition that met the trustees’ needs and most importantly, their people were willing to accommodate the specific requirements of this transaction. I look forward to working in partnership with the Just team.”

Willis Towers Watson led the deal on behalf of a joint working group formed with the trustees and the plan sponsor.

“This transaction highlights the benefits of trustees being actively engaged and hands on in their de- risking strategies,” added Willis Towers Watson senior director, Suzanne Vaughan.

“The pensioner buy-in market is currently very competitive and offers strong pricing opportunities to our clients, where the Keysight trustees secured participation from six of the eight insurers active in this market and Just delivered the most competitive overall proposition. We look forward to continuing to support the trustees on their de-risking journey.”

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