Multinational law firm Pinsent Masons has advised Just Group (Just) on its £340m bulk annuity transaction for over 1,800 pensioners of the Ibstock Pension Scheme, representing over half of the total pension liability in the scheme.
Despite the additional challenges presented by the Covid-19 pandemic, this deal represents Just’s largest single transaction.
Since entering the defined benefits de-risking market in 2012, Just has written over £7.5bn of premiums to secure the benefits of over 30,000 members, with Pinsent Masons acting on many of the transactions.
Led by partner Rob Tellwright, the team of specialist pensions risk transfer lawyers at Pinsent Masons also included Howard Ridley (partner) and Lorna Khemraz (solicitor).
Commenting on the deal, Rob Tellwright partner at Pinsent Masons, said: “We are delighted to have supported Just on the completion of their largest transaction, a significant milestone for Just’s business. It required all parties to be ready to transact at speed as the lockdown eased and market conditions stabilised, so exceptional communication and a pragmatic, collaborative approach between all parties was critical.”
David Richardson, Group Chief Executive Officer at Just Group, said: “We are pleased to have supported the trustees and sponsor of the Ibstock Pension Scheme in their de-risking journey to help members. This is a significant milestone for our Defined Benefit Solutions business. It’s our largest single transaction to date and marks our 200th transaction. We have written over £7.5bn of premiums to secure the benefits of over 30,000 members since we entered the defined benefit de-risking market in 2012.