Just Group has completed two buy-ins for defined benefit (DB) pension schemes sponsored by Danish transport and logistics firm DFDS.
The transactions have a total premium value of £70m, and cover approximately 980 members of the DFDS Group UK Pension Scheme and the DFDS Logistics Pension Scheme.
Capita Pension Solutions was the lead broker for the deal, while Pinsent Masons provided legal advice to the trustees. Just Group was advised by Hogan Lovells.
Colin Parnell, director of de-risking and special projects at Capita Pension Solutions, said: “By bringing both schemes to market at the same time and with a clear transaction plan, the trustees were able to secure an excellent deal.”
He added that completing a guaranteed minimum pension equalisation conversion before the transactions were completed “gave all parties confidence over the cost and timescales of the data cleanse process”.
Cosworth scheme races to £96m buy-in
Car giant Ford’s motor racing arm, Cosworth, has completed a £96m buy-in for its DB pension scheme with Legal & General (L&G).
The transaction secures the benefits of more than 1,000 retirees and deferred members, according to a press release from the insurer.
It follows a pair of buy-ins announced last month involving two of Ford’s larger DB schemes, also with L&G. The total premium of £4.6bn represents the largest deal completed in 2025.
Hannah Brinton, partner at Aon, which advised on the deal, said running the transaction alongside the larger buy-ins meant that the trustee board was able to access “exceptional pricing and terms that are not generally available on transactions of this size”.
L&G’s asset management arm was responsible for the Cosworth fund’s investment portfolio, allowing the trustee to transfer investments directly to the insurer.
PAN Trustees is the sole corporate trustee for the Cosworth scheme. Aon was the lead transaction adviser and also provided actuarial and consultancy services. Gunnercooke provided legal advice to the trustee board, while Slaughter and May provided legal advice to L&G.
Andrew Firbank of PAN Trustees said: “We are pleased to have reached this significant milestone for the fund and to achieve greater security for members through the buy-in. This is the culmination of many years of preparation and intensive data work, building on the strategic merger of different schemes into a single pension fund in 2012.”
Irn-Bru owner completes third and final buy-in
Beverage company AG Barr has secured a £41m buy-in for its defined benefit (DB) pension scheme, with Canada Life as the insurer.
The deal is the third buy-in that Canada Life has completed with the AG Barr scheme, whose sponsor produces drinks including Irn-Bru, Rubicon, and Tizer.
Previous buy-ins were completed in 2016 and 2018.
Hymans Robertson advised on the transaction, with Shepherd and Wedderburn providing legal advice. Canada Life was advised by its in-house lawyers.
Shreyas Sridhar, managing director for bulk annuities at Canada Life, said the long-term working relationship between the insurer and the AG Barr scheme “had a positive influence on securing a good outcome for the scheme and its members”.
“By monitoring market conditions and affordability with Canada Life, the trustee board was able to move quickly at the right time to execute the buy-in,” Sridhar added.
Mahad Farooqui, risk transfer specialist at Hymans Robertson and lead adviser on the transaction, said: “[The buy-in] marks a significant milestone working with the trustee board on their journey to secure the long-term future of members’ benefits of the scheme.
“The continuity of working with the same insurer across all three transactions has brought real efficiencies and confidence to the process, resulting in a great outcome for the trustee board and members of the scheme.”
