Just Group wins £40m buy-in with turkey breeders
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Just Group has completed a £40m buy-in transaction with the trustees of the BUT Retirement Benefits Scheme, insuring the benefits of 111 pensioners and 149 deferred members.
The scheme will now proceed to full buyout and wind-up. The sponsoring employer is Aviagen Turkeys Ltd, a Chester-based turkey breeder.
Nigel Plank, chair of trustees, said: “Working with Just ensures our members’ pensions are secure and that members will continue to receive excellent customer service once buyout is completed.”
Martin Parker, senior business development manager at Just, noted a “vibrant consolidation market for schemes of all sizes”, adding: “Our innovative bulk quotation service alerted the trustees immediately when the transaction entered a pricing corridor that was attractive to them.”
Buck was the lead transaction adviser while Fieldfisher provided legal advice to the trustees.
Last month, Just Group announced a further buy-in of around £190m with the trustees of the Ibstock Pension Scheme covering all scheme members, building on an existing £340m buy-in policy secured in 2020. Ibstock is a manufacturer and supplier of clay and concrete building products.
The insurer also recently completed a £15m PPF+ buy-in with the group trustees of the Carillion Group of the Electricity Supply Pension Scheme, securing the benefits of 33 pensioners and 89 deferred members at a level above Pension Protection Fund compensation.
The scheme will now move to buyout. This transaction follows the scheme entering the PPF assessment process in 2018 after the liquidation of its sponsor Carillion Group.
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