The Menzies Pension Fund has completed a £260m buy-in with Just Group, securing the benefits of around 3,000 members, including almost 1,400 pensioners and over 1,650 deferred members.
The scheme is sponsored by John Menzies Limited and completed a previous pensioner-only buy-in in 2018.
LCP was the lead pension risk transfer adviser for the transaction. Brodies LLP Solicitors provided legal advice to the trustee, while Just Group received legal advice from Gowling WLG and their internal legal team.
The transaction included dovetailing the process with a secondary market sale of an illiquid asset and deferral of premium to enable the buy-in shortfall to be met by a continuation of the existing schedule of contributions.
Commenting on the deal, BESTrustees trustee executive and trustee to the scheme, Bob Hymas, said: “This was a collaborative process to achieve a positive solution tailored to the scheme.
“Just Group worked closely and flexibly with all advisers to determine a suitable price lock for the scheme’s circumstances alongside a premium deferral structure that dovetailed with the scheme’s funding plan.
“We are delighted to have secured the pensions of the scheme’s members.”
Just Group defined benefit business development manager, Kishan Radia, said working “closely” with the trustee and advisers, Just Group developed an “appropriate” price lock and premium deferral structure that worked for all parties.
“This transaction is further evidence of a vibrant bulk annuity market that’s working for schemes of all sizes,” he added.
“We are pleased to have advised the joint working group on this transaction, which provides additional security for members’ benefits in a carefully designed transaction that locks in a favourable position for the trustee and sponsor,” LCP principal, Ruth Ward, added.
“This transaction shows it is possible to build a strategy balancing the options available for a scheme across the insurance and secondary market for illiquid assets to give the trustee a clear route to reaching their objective.”
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