DFDS schemes' journey leads to buy-ins
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Two UK pension schemes sponsored by Danish shipping company DFDS have completed buy-ins for a combined £70m in liabilities.
The schemes completed the transactions with Just Group in July. The contract covers £53.7m for 394 pensioners and 374 deferred members of the DFDS Group UK Pension Scheme, and 16.7m for 115 pensioners and 96 deferreds of the the DFDS Logistics Pension Scheme.
Troels Kragh, who chairs both schemes, thanked all involved and added: “We were impressed with the way all the parties worked together and how Capita Pension Solutions were able to work quickly and efficiently with their consultancy and administration teams for both schemes, speeding up the process and allowing us to obtain competitive terms.”
Just’s head of defined benefit sales, Peter Jennings, said the scheme used the firm's streamlined process, calling the deal “another example of a dynamic and effective derisking market”.
Capita was the lead broker for the deal. Just took legal advice from Hogan Lovells, and Pinsent Masons advised the trustees.
The schemes completed the transactions with Just Group in July. The contract covers £53.7m for 394 pensioners and 374 deferred members of the DFDS Group UK Pension Scheme, and 16.7m for 115 pensioners and 96 deferreds of the the DFDS Logistics Pension Scheme.
Troels Kragh, who chairs both schemes, thanked all involved and added: “We were impressed with the way all the parties worked together and how Capita Pension Solutions were able to work quickly and efficiently with their consultancy and administration teams for both schemes, speeding up the process and allowing us to obtain competitive terms.”
Just’s head of defined benefit sales, Peter Jennings, said the scheme used the firm's streamlined process, calling the deal “another example of a dynamic and effective derisking market”.
Capita was the lead broker for the deal. Just took legal advice from Hogan Lovells, and Pinsent Masons advised the trustees.
L&G steps on the accelerator
Separately, Legal & General bagged a £96m buy-in with the Cosworth Racing Ltd Pension Fund, sponsored by Ford Motor Company, insuring the pension benefits of over 1,000 retirees and deferred members. This follows a recently revealed £4.6bn buy-in with two Ford pension schemes, the Ford Hourly Paid Contributory Pension Fund and the Ford Salaried Contributory Pension Fund. The transaction is so far the largest in 2025 and covers more than 35,000 members.
Andrew Firbank of Pan Trustees, the corporate sole trustee of the Cosworth scheme, said the latest transaction was the result of years of preparation and data work, building on the merger of different schemes into a single pension fund in 2012.
“The Trustee has greatly appreciated the proactive and highly engaged support from Ford and the commitment and dedication of our advisers to achieve such a great outcome on behalf of our members,” he added.
