Lucite pension fund completes £130m buy-in

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The Lucite International UK Pension Fund, sponsored by Mitsubishi Chemical UK, has completed a £130m buy-in securing the benefits of 438 members.

The transaction with Just Group was completed last month. It means all 156 pensioners and dependants and 282 deferred members are now insured with Just.   

A joint working group for the transaction was advised by WTW, who were also the scheme actuary and investment adviser. Squire Patton Boggs provided legal advice, while Just had internal legal advice.  

“This was a truly collaborative process with all stakeholders working closely to complete the deal. WTW led a thorough and competitive selection process, following which we chose Just as our preferred partner. We were impressed by Just’s commitment to member experience and its ability to tailor its proposition to meet our needs,” said trustee chair Kevin Leith.  

“We now look forward to building on this success and working with Just in the next phase of our journey,” Leith added.  

Greg Robertson, a director in WTW’s transactions team, noted there were several benefit complexities, with the team working with the insurer to structure and implement these.  

“Despite these complexities, the trustee was able to navigate a busy market and obtain multiple quotations by presenting a clear strategy that maximised engagement,” he said.  

Martin Parker, senior business development manager at Just, said: “There is a vibrant insured derisking market for schemes of all sizes, and we are proud to have been entrusted to deliver the long-term financial security to members of the Lucite International UK Pension Fund.”  

Just completed 80 transactions last year, which it says is more than one in three of all deals completed in the market in 2023. 

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