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Just Group has completed full buy-ins for two unnamed schemes in a £67m transaction.
The deals were completed in March 2025 for two schemes of the same sponsor, worth £63m and £4m. They cover the benefits of 675 pensioners and 256 deferred members.
Mike Roberts, a professional trustee at Pan Trustees, said: “Securing the benefits for our members has always been our top priority, and this transaction delivers exactly that. It’s a great example of how effective collaboration and expert advice can achieve outstanding outcomes for members even when there are complexities and short timescales at play.”
Just was “able to minimise uncertainty” through a gilts-based price lock, explained business development manager at the firm, Ross Breckon.
PwC was the lead broker. Risk transfer deal lead at PwC, Sam Whalley, said the deal was agreed within eight months of the adviser being appointed by the trustees.
“Our hands-on project management and extensive sector knowledge ensure that we were able to move quickly in bringing the schemes to market together despite a number of complexities, including illiquid assets,” Whalley said.
The scheme trustees received legal advice from Squire Patton Boggs.
Earlier this year, a report by consultancy Hymans Robertson found insurer capacity for transactions smaller than £100m has more than doubled in just two years to more than £10bn. There is increasing competition for a segment that made up 80% of all transactions last year, including from new market entrants like Utmost, Blumont and Royal London.
Research published by consultancy LCP in March found micro schemes of less than £10m saw the biggest increase in the number of buy-ins and buyouts last year, contributing to a record 298 total deals worth a combined £47.8bn.
The same study found that Just increased its market share to 11% last year, from 7% in 2023. Just reported defined benefit sales of £4.28bn last year, up 43%, completing more than 500 transactions since entering the market.
