The McGregor Construction (Highlands) Limited Pension Plan has completed a £7m buy-in with Just Group, securing benefits above Pension Protection Fund (PPF) compensation levels for all members.
McGregor Construction Highlands entered insolvency in August 2022, citing the impact of the Covid-19 pandemic. This triggered the defined benefit pension scheme’s entry into the PPF’s assessment process.
The buy-in, which was finalised in April 2025, covers 66 pensioners and eight deferred members.
Stewart Graham, client director at Vidett and trustee of the pension scheme, said: “This transaction will eventually see members receive benefits either at or, for many members, with an increase above PPF compensation levels. We’re pleased to share this positive news with members, who we know have had a difficult time over the last few years.”
Just Group used its proprietary pricing model, Beacon, to assess the pension scheme’s funding level before modelling additional enhancements.
Ross Breckon, business development manager at Just Group, said: “There was great collaboration between all the parties, resulting in a positive outcome for the scheme members…
“This transaction shows that the insurance de-risking market continues to be dynamic and effective, supporting schemes of all sizes and with a variety of requirements.”
PwC was lead adviser on the transaction, with CMS providing legal advice to the trustee and Broadstone acting as administrator. Just Group was advised by its in-house legal team.
Sam Whalley, risk transfer deal lead at PwC, described it as “a collaborative and efficient process”, while Dan Collins at the PPF praised the “prompt and positive outcome for the scheme’s members”.
