BESTrustees has supported its client the Menzies Pension Fund during its £260 million buy-in transaction with Just Group.
This transaction was completed in March 2024 and secures the benefits of over 3,000 members, including almost 1,400 pensioners and over 1,650 deferred members.
The complex transaction included dovetailing the process with a secondary market sale of an illiquid asset and deferral of premium to enable the buy-in shortfall to be met by a continuation of the existing schedule of contributions.
“This was a collaborative process to achieve a positive solution tailored to the Scheme. Just Group worked closely and flexibly with all advisers to determine a suitable price lock for the Scheme’s circumstances alongside a premium deferral structure that dovetailed with the Scheme’s funding plan. We are delighted to have secured the pensions of the Scheme’s members.”
Clive Gilchrist, who represented Bestrustees as trustee to the Scheme
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