Construction materials provider ROM has completed a £23m buy-in for its defined benefit pension scheme with Just Group.
The transaction covers all 249 members of the ROM Group Pension & Life Assurance Scheme, including 124 deferred members and 125 pensioners. ROM is a manufacturer of specialist reinforcement materials for the construction industry.
Mercer was the lead broker on the transaction and completed the buy-in process within nine months of being appointed, according to Asha Suresh, risk transfer consultant at the firm.
Squire Patton Boggs provided legal advice to the trustees, while Just Group used its in-house legal team.
In a joint statement, chair of trustees James Ellis and ROM chief financial officer Holly Arnold said the buy-in process had been “exceptionally well run” and was “a great example of how a collaborative process and expert advice can lead to a successful outcome for smaller schemes in a competitive buy-in market”.
Alma Goyanes-Payne, deal manager at Just Group, added that his firm’s price monitoring system had helped identify “when the conditions were favourable for the scheme to transact”.
“In collaboration with the trustees and scheme advisers, we were able to complete the transaction quickly and efficiently using our streamlined processes,” he continued.
“The pension de-risking market continues to be dynamic and effective, and Just is actively supporting schemes of all sizes and with a variety of requirements.”
