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The ROM Group Pension & Life Assurance Scheme has completed a £23m full scheme buy-in.
The transaction with insurer Just Group went through in June and insures the benefits of 124 deferred members and 125 pensioners.
ROM is a specialist reinforcement manufacturer within the construction industry, set up nearly 100 years ago.
Trustee chair James Ellis said: “This has been an exceptionally well run process and serves as a great example of how a collaborative process and expert advice can lead to a successful outcome for smaller schemes in a competitive buy-in market.”
Just’s deal manager Alma Goyanes-Payne said the firm used its price monitoring and bulk quotation service Beacon to track when the conditions were favourable for the scheme to transact.
“The pension derisking market continues to be dynamic and effective, and Just is actively supporting schemes of all sizes and with a variety of requirements,” she added.
Mercer acted as employee benefits consultant and lead broker on the transaction. Risk transfer consultant Asha Suresh said: “As the lead adviser, we ran a competitive process with insurers and helped to successfully achieve a strong outcome for all stakeholders, most importantly the members, in just nine months of our appointment.”
Squire Patton Boggs advised the trustees on legal matters. Just Group used in-house legal support.
Just has recently announced that is being acquired by Brookfield Wealth Management, part of the Canadian investment behemoth. Brookfield has entered the UK bulk annuity market through several channels, recently getting the green light for its own bulk annuity insurer, Blumont Annuity UK, while also keeping an indirect stake in Utmost Life and Pensions through Oaktree Capital. The acquisition of Just Group will further increase its presence.
The UK’s highly active pension risk transfer market has attracted other overseas companies, as insurer Athora has agreed to buy Pension Insurance Corporation.
There are currently a record 11 bulk annuity providers offering quotes with Blumont, Utmost, Royal London and M&G have all entering or re-entering the market recently.
How will the BPA market develop this year and next?
