On the go: The Stantec Pension Plan (UK), which comprises the Stantec UK Defined Contribution section, Stantec UK Defined Benefit section, and Stantec Treatment Defined Benefit section, has completed a full buy-in for its Treatment DB section with Just.
The bulk annuity deal, worth an undisclosed amount, was signed in December 2021 and secures the benefits for 640 deferred and pensioner members of the engineering company scheme’s Treatment DB section.
Just is now working with the scheme towards achieving buyout and ultimately wind-up of the section, a statement read.
Darren Howarth, independent trustee at Align Pensions, said: ‘‘We are delighted to have signed this transaction with Just to secure the benefits for the Treatment section of the plan.
“Following an improvement in funding and the company’s desire to secure the benefits, we had to rapidly prepare the section to approach the market.
“This involved data cleansing, asset derisking and reviewing benefits, which required a co-ordinated and collaborative effort from the trustees and our advisers. We can now focus on achieving an improved position for the other sections of the plan.”
The trustees were advised through the process by Broadstone and DLA Piper. CMS provided legal advice to Just.
This article originally appeared on MandateWire.com
