Just Group has completed a £345m full scheme buy-in with the trustee of a scheme sponsored by a global distribution company.

The move represents the largest individual transaction for Just to date and includes the most deferred pensioner liabilities taken on by the group in a single transaction.

With just under 1,000 deferred members and almost 900 pensioner members, Just said the transaction demonstrates its ability to deliver larger full scheme buy-ins.

The scheme has a buy-out planned and came to market with well-prepared membership data and benefit specification. Just suggested this will help expedite the true-up and subsequent transition from buy-in to buy-out.

Group chief executive officer at Just Group, David Richardson, commented: “We are very pleased to have provided support to the Trustee and secured the member benefits of this scheme. It’s the highest single value transaction our defined benefit business has completed, and has contributed to Just achieving record 2021 defined benefit de-risking sales of £1.9bn, up 28% on 2020.”

The trustee was advised on the transaction by Aon and DLA Piper, while CMS provided legal advice to Just.

Aon associate partner, Karen Gainsford, added: “This transaction highlights the benefits of trustees being engaged and hands-on in their de-risking strategies. We worked closely with the Trustee to ensure that the scheme was in the best position to move forward to this very successful conclusion.”

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