
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
Latest Insights

BESTrustees recruits former Grant Thornton covenant partner Paul Brice as professional trustee
BESTrustees has announced its second professional trustee recruit of 2025 – with the arrival of former Grant Thornton covenant advisory partner Paul Brice. Paul joins BESTrustees after a prestigious career in Pensions, both in the Advisory side as a Partner at KPMG and Grant Thornton; and as an executive for nearly eight years for what is now Railpen, the Executive Company of the Railways Pension Scheme where he Chaired the Scheme’s Risk Management Committee. Paul has advised on a considerable number of covenant-related matters across a wide range of business sectors – including in relation to highly complex corporate transactions, …

BESTrustees leads successful buy-in transaction for the Carr’s Group Pension Scheme
The Trustees of the Carr’s Group Pension Scheme, chaired by Rachel Tranter of BESTrustees, have completed a c.£44m buy-in transaction with Aviva to cover 216 pensioner and 56 deferred members of the Scheme. Mercer acted as lead transaction adviser using its streamlined broking process. “I am delighted to have guided the trustees through the transaction process to achieve a successful outcome which further increases the security of our members’ benefits. This transaction was very much a collaborative teamworking effort involving the trustees, the Company (Carr’s Group plc), the insurer and our professional advisers all carrying out important roles throughout the …