Just Group has completed a £23m buy-in with the Welcome Break Pension Plan scheme.

The deal, which completed in June, has insured the benefits of all 348 defined benefit section members comprised of 137 deferred and 211 pensioners.

Welcome Break’s pension scheme supports current and former employees of the Welcome Break Group, a UK motorway service operator.

Deal manager at Just, Alma Goyanes-Payne, said: “The transaction benefited from our innovative price monitoring and bulk quotation service, Beacon, which enabled the scheme to transact quickly when the time was right.

“Activity across the insurance de-risking market remains strong for schemes of all sizes.”

Finance director at Welcome Break, Tim Lightfoot, commented: “We are delighted to have worked with Just on this transaction. It is incredibly positive to be able to secure member benefits with them. This collaboration is not only beneficial for our members but also aligns perfectly with Welcome Break's business strategy moving forward.”

Mercer was the employee benefits consultant and lead broker on the transaction, while Just Group also used in-house legal support with legal advice provided to the trustees by Squire Patton Boggs.

Principal at Mercer, Joanne Arnold, added: “We are very pleased to have supported the trustees on this transaction which involved managing a number of benefit complexities. This project involved all parties working closely together throughout to deliver a great outcome for members with attractive pricing and terms from Just.”

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