Just Group completes £58m buy-in deal with Keysight Technologies plan

Just Group has confirmed that it completed a £58m buy-in transaction with the trustees of Keysight Technologies UK Limited Retirement Benefits Plan in December.

This is the plan’s second transaction with Just as part a phased de-risking strategy and follows a £250m buy-in earlier in 2021.

Plan sponsor, Keysight Technologies, is a global manufacturer of electronic test and measurement equipment.

The pair of transactions have now secured the liabilities for all of the plan’s 900 pension members.

Just Group senior business development manager, Andrea Collins, commented: “We are very pleased to support the trustees and sponsor of the Keysight Technologies UK Limited Retirement Benefits Plan for a second time in their de-risking journey with this second transaction.

“We put in place an innovative umbrella contract which resulted in both transactions progressing smoothly under the one agreement. Just has now completed repeat transactions with 27 schemes which is a great testament to our reputation for the quality of our member services, and the expertise of our talented, agile team developed through many years of experience in the bulk annuity business.”

Chair of trustees at Keysight Technologies UK Limited Retirement Benefits Plan, Nick Johnson, added: “As we implemented an umbrella contract as part of the first transaction with Just, we were able to take advantage of favourable market conditions to go ahead with this second transaction.

“We have been impressed by the service provided by the Just team and look forward to continuing to work in partnership with them.”

Just also confirmed that WTW led the transaction on behalf of a joint working group formed with the trustees and the plan sponsor.

The trustees were advised by WTW as scheme actuary, Linklaters as legal advisers, and Mercer as investment advisers, while Pinsent Masons provided Just with legal advice.

WTW senior director, Suzanne Vaughan, said: “We are delighted to have advised the trustees and the sponsor off the Keysight Technologies plan on a second transaction in 2021. Leveraging our deep market knowledge, we were able to identify a great pricing opportunity and approach the trustees to do a follow-up transaction within a matter of months of the first deal.”

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