Defined benefit insurer Just Group has completed a £400m full scheme buy-in with the pension scheme of a UK innovation and technology company, securing the benefits of around 2,500 pensioners and dependants and 1,500 deferred members.

The name of the company is undisclosed. 

Vidett’s Steve Southern, independent chair of trustees for the scheme, said the work is the “culmination of 10 years of collaborative work” between the trustees, advisers and the sponsor. 

Geraint Jones, business development manager at Just Group, said: “There is a vibrant bulk annuity market for schemes of all sizes and we’re actively helping small, medium and large schemes.”

Mercer acted as lead risk transfer adviser as well as insurer financial strength adviser, scheme actuary and investment adviser. The trustees’ legal adviser was Eversheds Sutherland with Clifford Chance advising Just Group. The sponsor’s legal adviser was CMS, and Isio provided corporate actuarial, investment and insurance advice.

Suthan Rajagopalan, partner and lead pension risk transfer adviser at Mercer, said: “Working with the Just team we were... able to find solutions to provide our client with certainty over pricing affordability, in specie asset transitions and managing short-term liquidity of less liquid assets via a deferred premium.”

Just Group won several bulk annuity transactions throughout 2023. One described by the insurer as its “largest defined benefit derisking transaction” was a £513m full scheme buy-in with the trustee of the GKN Group Pension Scheme (No. 4).

The insurer also completed several smaller deals, including a £70m transaction with craft brewery SA Brain & Co’s pension schemes; a £40m buy-in with the trustees of the BUT Retirement Benefits Scheme, sponsored by turkey breeder Aviagen Turkeys; £6m deal with the pension scheme of carton and packaging manufacturer Landor Cartons; and £32m buy-in with the Air France (UK) Pension Scheme.