Just reveals £70m buy-in with brewer’s trustee
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Defined benefit insurer Just Group has completed a £70m full scheme buy-in with craft brewery SA Brain & Company’s pension schemes, securing the benefits of around 420 pensioners and 200 deferred members.
The schemes involved in the deal are SA Brain & Co’s Group Pensions Scheme and the Crown Buckley Ltd Pension Scheme.
Andrea Collins, head of trustee relationships, DB solutions at Just Group, said: “Working closely with the trustee, sponsor and advisers enabled us to successfully complete this transaction under short timescales.”
Jon Bridge, chief executive of the Cardiff-based brewery, said the executive team and the trustee had worked “diligently together” over an extended period of time, with the shared aim of securing members benefits.
Bridge added: “Just have been fabulous to work with, and I would like to thank all the advisers involved for all of their dedication and hard work.”
The lead transaction adviser, investment adviser and scheme actuary were Quantum Advisory. The trustee legal advisers were Gowling, and Isio acted as actuarial adviser to SA Brain. The trustee board was chaired by Independent Governance Group.
The transition was completed in December last year.
Earlier this month, Just completed a £513m full scheme buy-in with the GKN Group Pension Scheme (No. 4), which the insurer claimed to be its “largest defined benefit derisking transaction”.
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