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The Epson (UK) Ltd Pension Scheme has completed a £60m buy-in covering 113 pensioners 289 deferred members.
The scheme finalised the transaction with Just Group in February. It is sponsored by technology company Epson (UK) and Epson Europe, both subsidiaries of the Japan-based tech manufacturer Seiko Epson Corporation.
Ethaniel Kelly-Wilson, head of HR operations for Epson Europe, said the firm was reassured that all affected employees agreed with the company’s business case for the buy-in.
“The completion of the buy-in reflects a collaborative working relationship between Epson and the trustee. Over a period of many years, we have built a strategy to derisk our scheme and get us to a place where a transaction was achievable, and we have managed to achieve this well ahead of schedule,” Kelly-Wilson said.
Adrian Kennett, a director at sole trustee to the scheme Dalriada Trustees, added: “We are delighted to have enhanced the protection of members’ benefits through the purchase of the policy with Just."
Ross Breckon, business development manager at Just, said: “Our innovative bulk quotation service provided the overseas parent company with timely pricing insight which enabled them and the trustee to confidently make the decision to transact."
Consultancy EY was the employee benefit consultant. Osborne Clarke gave legal advice to the trustee, and Gowling WLG were the sponsor’s lawyers, while Just had internal advice. Member communications advice was provided by Foster Denovo Secondsight, who also supported member consultation exercises.
Just said it wrote record new business of £3.4bn in 2023. Last week, it announced a £44bn buy-in with the UK pension scheme of battery maker Energizer, where Zedra Governance was the sole trustee.
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