Logistics firm Seabourne Holdings has agreed a full scheme buy-in with insurance company Just Group. The deal covers a section of the TPT Retirement Solutions defined benefit (DB) master trust.
Seabourne transferred its DB scheme to TPT in 2019. According to a statement from TPT, over the past five years, the pension provider has supported the sponsor in developing and delivering its endgame strategy, enabling the trustee to sign a bulk annuity contract with Just Group this year.
The statement did not disclose the size of the transaction, but Seabourne’s parent company CJ Bourne disclosed a DB pension scheme with £5.9m of assets in its latest annual report, dated 30 June 2024.
Verity Trustees Limited, the scheme’s trustee, signed the buy-in as part of its long-term objective to secure members’ benefits. TPT’s statement said the trustee board had selected Just Group based on its financial strength.
Nigel Hudson, financial director at Seabourne Holdings, said: “We moved to TPT in 2019 in order to address and resolve the future of our final salary scheme. With a prospect of improved investment returns through access to larger funds with TPT, they also provided us with a plan to exit the scheme, which they have diligently followed, enabling us now to reach a solution which meets our needs.”
Ross Breckon, business development manager at Just Group, added: “Throughout the process, the level of preparation, governance and oversight by TPT shone through, which facilitated a smooth transaction when the scheme reached buy-in levels and demonstrated the continued strength of the market in delivering de-risking solutions for schemes of all sizes.”
