Just Group secures £32m buy-in with Air France UK
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Just Group has completed a buy-in transaction for the trustees of the Air France (UK) Pension Scheme, covering about £32m of pensioner liabilities and almost 200 members of the scheme.
This is the scheme’s third buy-in and its second with Just, following a previous pensioner-only buy-in completed in 2014.
Gary Barlow, chair of trustees, said choosing Just Group for the second time “further strengthens the excellent working relationship” between the two parties.
He added: “Following very positive management of the scheme’s asset portfolio recently, the trustees are delighted to have orchestrated this third buy-in, further derisking the scheme and helping to improve the long-term security for all pensioner, active and deferred members.”
Geraint Jones, business development manager at Just Group, said: “Just Group is delighted to have had the opportunity to work with the trustees again to significantly derisk this scheme, providing long-term security to the members of the Air France (UK) Pension Scheme.”
The lead transaction adviser was Hymans Robertson. The trustees’ legal advisers were Pinsent Masons.
Louise Lane, risk transfer specialist at Hymans Robertson, said: “This transaction demonstrates that, despite a busy market, there are still opportunities for schemes of all sizes – especially when you have a group of trustees who are engaged with derisking strategies and prepared to move quickly to capture opportunities.”
Founded in 1933, Air France is the flag carrier of France with more than 38,000 staff globally.
Do schemes rely on existing relationships with insurers to get deals done in a crowded market?
