Just Group has completed a buy-out deal with the Miracle Garden Care Pension Scheme.
The bulk annuity transaction covers £49m of pensioner and deferred liabilities and over 140 members of the scheme.
As well as providing greater security for its members, Just Group suggested the transaction represents a “significant step” in Miracle Garden Care Pension Scheme’s journey to buy-out as it insures the benefits of all members and buy-out will follow the data cleanse and true-up.
The trustees were advised on the transaction by Mercer and their legal advisers Eversheds Sutherland, while Pinsent Masons provided legal advice to Just Group.
Just director of DB business development, Rob Mechem, said: “The trustees had an objective to achieve buy-out and were determined to secure an outstanding member experience. Just has a strong brand, known and trusted for delivering outstanding service and following a beauty parade the trustees chose us due to the quality of the member experience we deliver after buy-out.”
Chair of Trustees at Miracle Garden Care Pension Scheme, John Starling, added: “With sufficient assets to fund a full buy-out, our focus was to select an insurer who would really look after our members when the buy-out is complete.
“The strength of Just’s member service proposition secured the deal and I am confident we have secured a good future for the scheme members. I look forward to working with their transition and customer service teams during transition and on our journey to winding-up the scheme.”
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