Just Group completes £15m buy-in for Carillion scheme

The group trustees of the Carillion Group of the Electricity Supply Pension Scheme have completed a £15m buy-in with Just Group, securing benefits at a level above Pension Protection Fund (PPF) compensation.

The transaction covered all members of the scheme, including 33 pensioners and 89 deferred members, with the scheme now expected to move to buyout.

Vidett acted for the scheme, while Osborne Clarke provided legal advice for the trustee and Aon was lead transaction adviser.

The scheme previously entered the PPF assessment process in 2018, following the liquidation of its sponsor Carillion Group.

Commenting on the deal, Just Group business development manager, Prashant Mehta, stated: “The scheme wanted to ensure members received the maximum benefit from the assets available, and we were glad to support this aim by being flexible in re-apportioning to member benefits any funds that became available after the data cleanse.

“We are very pleased to have secured benefits in excess of PPF levels for all the scheme members. Scheme members should have peace of mind knowing that their benefits are secured with a financially strong insurer.”

Vidett head of operations, Stewart Graham, said: “This transaction required collaboration and flexibility to secure a positive outcome for the scheme members. I’d like to thank everyone involved, including the support provided by the PPF, in completing this transaction during a busy and turbulent market.”

Aon partner, Dominic Grimley, added: “PPF+ transactions can be complex but by working closely with the trustees and the insurer, we have delivered a great result for the scheme’s members. We look forward to supporting the trustees as the scheme now moves to full buyout.”


This article first appeared on our sister title, Pensions Age.

    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.