Just Group Targets UK Corporate Pension Plans with Buy-Ins

Posted on 10/24/2021

Just Group plc is a FTSE-listed specialist U.K. financial services company.

On September 21, 2021, Just Group completed a buy-in transaction for the trustees of the Keysight Technologies UK Limited Retirement Benefits Plan. This deal covered around £250 million of pensioner liabilities and over 750 members of the plan. The plan sponsor, Keysight Technologies, is a global manufacturer of electronic test and measurement equipment. As well as providing greater security for the members of the pension plan, this transaction represents a significant step in the Keysight Group’s strategy of de-risking its pensions exposure. Willis Towers Watson led the transaction on behalf of a joint working group formed with the trustees and the plan sponsor. The trustees were further advised on the transaction by Willis Towers Watson (as scheme actuary), Linklaters (as legal advisers) and Mercer (as investment advisers), while Pinsent Masons provided legal advice to Just.

On October 20, 2020, Just Group finalized a £340 million buy-in transaction for over 1,800 pensioners of the Ibstock Pension Scheme, representing just over 50% of the total pension liability in the scheme. The sponsor, Ibstock PLC, is one of the UK’s major suppliers of bricks and concrete products. The trustees were advised on the transaction by LCP, Buck (as the Scheme Actuary, investment adviser and administrator to the scheme) and their legal advisers Addleshaw Goddard, while Pinsent Masons provided legal advice to Just.

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