The Christie Pension and Life Assurance Scheme has told members it anticipates it will buy out benefits “in due course”, having agreed a buy-in last summer. 

The pension fund, for Glyndebourne Productions – which is behind classical music event the Glyndebourne Festival – and for employees of Christie family companies, agreed that Just Retirement would insure the pension benefits held in the scheme from August 2023 in a buy-in, it told members in its 2023 newsletter. 

The £31m scheme, which has 131 members over three sections, said that “in due course it is anticipated that the trustees will decide to transfer the Just buy-in policy into individual policies for each of the members covered by the bulk annuity policy” and to wind up the scheme. It is not clear if the buyout has happened since.  

The largest section in terms of assets, of around £24m, was managed by Capital Group, while Rothschild Private Fund Management was handling the remaining £7m, according to scheme documents.  
    
Just has won several schemes amid frantic market activity as many defined benefit schemes saw their liabilities fall when gilt yields rose in 2022. Deals the insurer announced this month include a £130m buy-in with the Lucite International UK Pension Fund, a £60m buy-in with the Epson UK scheme, and a £44m buy-in with Energizer.  
   

Last summer, the firm hired a demographer and expanded its DB derisking team.