The Brother Staff Retirement Benefits Scheme has signed a £56m full-scheme buy-in for 299 pensioners and 380 deferred members.

The trustees of the scheme sponsored by Brother International Europe and Brother UK, part of the Japanese technology company, chose Just Group for the March transaction.

Susan Anyan from Capital Cranfield Trustees, who sits on the trustee board, said a strong partnership between trustees and sponsor has allowed the buy-in to happen.

“A substantial cash contribution from the sponsor, coupled with a robust broking process, meant that we were able to significantly accelerate our ambition of fully securing the scheme’s liabilities,” she said.

Brother International Europe’s director of finance, HR and admin, Russell Brown, added: “Following a competitive bidding process we entered into an exclusivity period with Just, working alongside our advisers, the trustees and their advisers to work through the finer details of the transaction.”

Brown said the firm is delighted to have completed the buy-in with a firm committed to delivering long-term value to members, while removing risk and volatility from the sponsor balance sheet.

Ross Breckon, business development manager at Just, said: “This was a complex transaction, but we created certainty on price for the scheme by providing an investible gilts-based price lock. Just’s enhanced technology for pricing was key to successful execution, in particular the ability to offer flexibility on member benefits including updating to allow for GMP equalisation in a matter of days during exclusivity – which will enable a smoother and more efficient data cleanse.”

Isio brokered the transaction. The trustees received legal advice from Eversheds Sutherland and the sponsor from Fieldfisher, while Clifford Chance advised Just. Administrator, scheme actuary and investment consultant Gallagher helped the trustees prepare for the buy-in.