ABI’s pension scheme completes £18.4m buy-out with Just Group

The deal secures the benefits of remaining members of the Association of British Insurers (ABI) sponsored pension scheme, including 16 pensioners and 118 deferred members.

The Association of British Insurer’s (ABI) Pension and Assurance Scheme said it had completed an £18.4million buyout with Just Group; the scheme received legal advice from Shepherd and Wedderburn LLP with Just Group using internal legal counsel. The deal was completed in June 2023.

Peter Jennings, head of DB Sales at Just Group, said: “We are delighted to have been able to fully insure the remaining members of the ABI scheme. While the defined benefit de-risking market looks set to remain busy for some time this transaction shows there’s still plenty of competition and appetite to help schemes of all sizes secure their members’ future pensions.”

Buyout 'gold standard'

Alan Ritchie, chair of trustees of the Association of British Insurer’s Pension and Assurance Scheme, said: “I’m delighted we have been able to secure the remaining payments for members in this scheme. It’s the culmination of a lot of hard work from trustees, our advisers and the ABI over recent years to work towards this important milestone. The other trustees and I were impressed with the speed at which Just could move, and pleased with the pricing agreed. Overall this is great news for members of the ABI pension scheme.”

Akash Rooprai, head of risk transfer at Independent Governance Group, the scheme's professional trustee, said: “This deal secures the future for the remaining members of The Scheme. Through Just Group’s streamlined service we were able to move very quickly to exclusivity and then execute a successful transaction for all parties.”

Yvonne Braun, ABI director of policy, long-Term savings, and ABI executive responsible for the scheme, said: “We are delighted to have secured the pension benefits for all members of our closed defined benefit pension scheme. Buyouts are rightly described as the gold standard for pension scheme members, and this transaction shows that this vibrant market caters for schemes of all sizes.”