- Deal with Just Group secures the benefits of all 384 members
- £43 million transaction completed following a competitive process
- Broadstone’s SM&RT Insure process helped generate the competitive process which resulted in a swift transaction and attractive pricing
The Wednesbury Pension Scheme (“the Scheme”) has secured a £43 million full scheme buy-in with Just Group.
The Scheme is sponsored by Mueller Europe Ltd (“the Employer”), a UK-based manufacturer and distributer of copper tube for plumbing, heating and industrial applications under the Wednesbury and Yorkshire brands.
The Scheme had sufficient funds available to secure the buy-in without additional contributions from the Employer. The transaction secures the benefits of all 384 Scheme members comprising 63 deferred and 321 pensioner members and completes the buy-in of all Scheme liabilities.
The Scheme had been in a buy-out surplus for some time and its investments were fully de-risked and liquid. However, the Trustees and Employer were keen to ensure best value for their insurance transaction and spent time preparing the Scheme to maximise engagement of insurers.
Broadstone provided annuity broking service adding to their long-standing appointment as Scheme Actuary and investment consultant. The Scheme is administered by Atkin Pensions, and legal advice to the Trustee was provided by Neon Legal with Just Group receiving internal legal advice.
Bob Jenkinson, Deal Lead, Broadstone said: “This was a really rewarding transaction to be involved with and demonstrates Broadstone’s ability to prepare schemes well to encourage a competitive process that produces the best value deal for our clients. Our work with all of the advisers and Trustees who focussed on the key issues, allowed the selection of the insurer and completion of the transaction to proceed at pace.”
Richard Bryant for Atkin Pensions said:“We are pleased to have facilitated a successful buy-in of scheme benefits with Just Retirement. This outcome secures a strong future for members and the sponsoring employer, proving that smaller schemes can achieve outstanding results. It’s great that the preparatory work has resulted in an attractive deal for all stakeholders.”
Mark Millerchip, Mueller Europe Ltd added: Like many scheme sponsors, passing our scheme to pension professionals to give greater security to scheme members has been our long-term aim. Mueller Europe would like to thank all parties that helped make the buy-in happen.”
Rosie Mills at Just Group said: “Our innovative bulk quotation and price monitoring service, Beacon, meant Just could offer the Scheme a guaranteed quotation which allowed the Scheme to transact quickly and within its preferred timescale. There is a vibrant insurance de-risking market for schemes of all sizes – Just is delivering outstanding service to small schemes, large schemes and everything in between – and we’re very pleased to have secured the benefits for all the members of The Wednesbury Pension Scheme.”
