Engineering firm completes buyout
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An unnamed engineering and construction company has completed a £37m buyout of its defined benefit pension fund with Just Group, covering 34 pensioners and 132 deferred members.
This is the third and final derisking agreement between the scheme and Just, the insurer said. The other two deals were completed in 2013, split into two phases, and 2017. It means that all members – 220 pensioners and 130 deferreds – are now insured by Just, with liabilities of around £75m.
Business development manager Ross Breckon said the deal was made using the insurer’s bulk quotation service.
“It rounds off a decade of hard work and collaboration with the trustees and their advisers to enable the scheme and their 350 members to reach the endgame successfully,” he added.
