Greenhous Group pension scheme completes £19m full buy-in with Just Group

The Greenhous Group (2015) Retirement Benefits Scheme has completed a £19m full buy-in deal with Just Group.

The deal secures the benefits of 32 pensioners and 213 deferred members and was completed in January.

This was Just Group’s second repeat transaction with the scheme, following an initial buy-in in 2014, and completes the buy-in of all £32m of scheme liabilities covering 351 members.

Broadstone provided annuity broking to the transaction, as well as scheme actuary and secretarial services, while Gateley Legal provided legal advice, Isio provided investment advice, and administration services were conducted by XPS.

Finance director at Greenhous Group, Mike Pawson, said it was "really satisfying" to have been able to "complete this final step so that our current and former employees have their benefits secured and as a sponsor we have closed off our risk".

Trustee at Trustee Corporation, Robert Gravill, added that, while purchasing a bulk annuity is not new for the scheme, this last one was "the most complicated given the busyness of the market and the need to ensure sufficient funds to proceed".

"It is a great result to have completed this transaction which achieves security for members and has resulted from the teamwork and enthusiasm from all involved," he added.

Adding to this, senior business development manager at Just Group, Martin Parker, said the firm was "delighted to have worked with the trustee again to secure the benefits of all 245 previously uninsured scheme members", while head of trustee services and deal lead at Broadstone, Christopher Rice, said that the group was "pleased" to have assisted in "completing the final piece of this insurance jigsaw".

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