On the go: The CSM UK Pension Scheme has agreed an £86mn full buy-in with Just Group.
The deal was completed at the end of 2021, with the trustee and sponsor working together under a joint working group to secure member benefits in full.
The working group conducted a feasibility study in 2020 to establish a strategy to secure members’ benefits, receiving pricing from multiple insurers in three weeks using the PwC Insure service.
Around 80 per cent of the scheme’s liabilities belong to deferred members. PwC UK acted as lead adviser on the transaction.
Becky Wood, trustee, said: “It’s a great result for scheme members to have concluded this deal. Through a clear strategy and collaborative approach with the company through the joint working group, we have managed to secure the buy-in much earlier and at a much lower cost than expected.
“We’re now working closely with the team at Just to complete the data cleanse so we can move to issuing individual policies in the future,” she continued.
This article first appeared on MandateWire.com
