Just Group seals £9m buy-in with Birmingham Chamber of Commerce
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Just Group has won a £9m full scheme buy-in with the Birmingham Chamber of Commerce Pension Fund, insuring the benefits of around 100 pensioners and 40 deferred members.
The terms were singed at the end of last year with Trustee Corporation Ltd, who acted as sole trustee for the transaction.
Helen Bates, chief financial officer at Birmingham Chamber of Commerce & Industry, the sponsoring employer, said the organisation can now focus on its mission to connect, support and grow businesses in Greater Birmingham.
Rosie Mills, senior business development analyst at Just Group, said: “We completed this transaction in such a short time frame, and in a particularly busy market – which illustrates that there’s a vibrant bulk annuity market for schemes of all sizes.”
The buy-in represents a “significant step towards full scheme buy-out” where all members’ benefits will be paid by Just Group, said consultancy Quantum Advisory, who acted as lead transaction and investment adviser as well as scheme actuary for the transaction.
Vivien Cockerill, trustee director at Trustee Corporation Ltd, said: “The Chamber of Commerce and the trustees, including Trustee Corporation Ltd, identified buy-out as their long-term aim many years ago. Trustee Corporation Ltd moved to become the sole trustee more recently and the team is delighted to have achieved the important step of a full buy-in significantly more quickly than expected.”
The trustee’s legal adviser for the buy-out project is Gateley.
Last month, Just Group announced a £400m 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.
Last month, Just Group announced a £400m 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.
