The Timpson Group Pension Scheme has completed a £100m full buy-in with specialist insurer Just Group, covering 369 pensioners and 694 deferred members.   

 

Timpson Group is the UK’s largest service retailer. While the Timpson name is commonly associated with shoe repairs and key cutting, the group also owns brands such as photo service chain Snappy Snaps.   

 

Its chief executive James Timpson said employees were at the heart of the business: “Providing security in retirement is just as important as any other benefit we provide. Our board could clearly see the opportunity a buy-in would provide in securing the best possible outcome for our members, and [Western Pension Solutions] and K3 guided us smoothly on the journey in an extremely short time frame.”   
 

Western Pension Solutions provided strategic advice to Timpson, while specialist risk transfer advisory K3 also assisted.  

  

Adam Davis, managing director of K3, said the company presented a fully prepared, appealing opportunity to insurers. 

 

“Working with all parties to get this transaction done, and in such a short time frame of just under eight weeks, was extremely satisfying. The scheme worked hard to ensure data was up to date and accurate and had an extremely positive attitude in just getting things done to ensure they did not miss out on the excellent opportunity the market was providing," he said.  

  

There is a vibrant consolidation market for schemes of all sizes, said Pretty Sagoo, managing director at Just Defined Benefit Solutions, adding: “We are proud to have been entrusted with the long-term financial security of [Timpson’s] members.”  

   

Gateley provided legal advice to the trustees, while XPS Pensions Group is the administrator and investment adviser to the scheme and First Actuarial the scheme actuary.