
The Scottish Milk Limited Retirement Benefits Plan, chaired by Zahir Fazal of BESTrustees, has completed a £42 million full-scheme buy-in with Just Group. Scheme sponsor First Milk is a British farmer-owned dairy co-operative and the transaction secures the benefits of all 452 members.
BESTrustees, who have chaired the scheme since 2016, were joined in the project by PwC as lead pension risk transfer adviser whilst Mercer provided actuarial and investment advice to the Trustees, EY provided covenant advice to the Trustees. The Trustees’ legal advice was provided to the Trustees by Burness Paull, the Sponsor’s by Brodies, and Just Group’s by Pinsent Masons.
“The transaction marks a key step in the Trustees’ journey to enhance the security of member benefits and the Trustees are extremely grateful for the ongoing engagement and support from the Sponsor to enable this positive transaction to be executed. Collaboration was the key to success and the PwC team worked collaboratively with the other advisers and with Just to ensure the Scheme was well prepared and the transaction structure suited all parties.”
Zahir Fazal of BESTrustees, and Chair of the Trustees of the Scheme
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