Just Group has completed a £484m full scheme buy-in with the Trustee of the Barloworld UK Pension Scheme.

The move will insure the benefits of around 3,000 pensioners and 1,800 deferred members.

Just Group completed the deal with the involvement of a new reinsurance partner, taking the opportunity to reinsure around 50% of the liabilities in the scheme, and the transaction now provides improved benefit security to the scheme’s members.

It is Just Group’s largest DB transaction to date in terms of value and membership numbers. The group has completed over 250 transactions in 10 years of participating in the bulk annuity market, written over £11bn of premiums during this period and now secures the benefits of more than 53,000 members.

Managing director, DB solutions at Just Group, Pretty Sagoo, commented: “We are very pleased to have been selected by the Trustee of the Barloworld UK Pension Scheme to secure their members’ benefits. This is a very strong endorsement by the Trustee of our service and the member onboarding experience we will provide.

“We have established a strong franchise and reputation in the small and medium segments of the market. We have the capabilities, resources and confidence to repeat this success by writing bigger deals, in the higher value segment of the market.”

CEO at Barloworld UK, Quinton McGeer, added: “Our target has been to remove UK pension scheme risk by fully insuring all members and this transaction comes at the right time with favourable terms.

“We were prepared to make a significant financial contribution to enable this deal to happen, subject to obtaining attractive pricing and terms, in order to secure a full buy-in that meets both our corporate objectives but also protects the benefits of the scheme members.”

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