The trustees of the Brittany Ferries Group Pension and Life Assurance Scheme have agreed a full buy-in covering 175 pensioners and 269 deferred members. 

The deal with Just Group was completed in November last year and advised by Broadstone. The scheme sponsor is by BAI (UK), which owns the passenger and freight cross-channel operator Brittany Ferries. 

Broadstone provided annuity broking as well as scheme actuary and administration services. The trustees took legal advice from Osborne Clarke, with additional advice provided by Towergate Employee Benefits.

“The trustees are thankful for the ongoing support that the company has provided the scheme, which meant the premium could be settled without further contributions. We now look forward to completing the data cleanse period and ensuring our members are given the best possible service in the future,” said Steve James, who chairs the trustee board.

“Using Broadstone’s SM&RT Insure service, we presented an excellently prepared scheme to the insurance market, enabling Just Group to execute the transaction very efficiently,” Mark Channon, senior actuarial director and deal lead at Broadstone, said.

“Being able to complete the initial buy-in with no additional contribution is testament to the work done by the trustees and their advisers over many years,” Channon added.

Alma Goyanes-Payne, business development manager at Just, said the firm’s pricing and quotation service Beacon allowed Just “to execute in a timely manner to secure the best outcome for members”.

The transaction with Brittany Ferries follows Just's two buy-ins totalling £70m with schemes of ferry operator DFDS in July last year. In September, the insurer took on £250m of pension liabilities from defence firm Ultra Electronics.