On the go: The Miracle Garden Care Pension Scheme has completed a £49m buyout deal with Just Group.
The bulk annuity transaction covers pensioner and deferred liabilities and more than 140 members of the scheme.
According to Just, this transaction represents a significant step in the scheme’s journey to buyout, as it insures the benefits of all members.
The scheme was advised on the deal by Mercer and its legal advisers Eversheds Sutherland, while Pinsent Masons provided legal advice to Just Group.
John Starling, chair of trustees at the Miracle Garden Care scheme, said: “With sufficient assets to fund a full buyout, our focus was to select an insurer who would really look after our members when the buyout is complete.”
Patrick Lloyd, principal at Mercer, added: “With careful planning and the close engagement of all stakeholders the whole process went smoothly and resulted in a robust deal for the trustees. This level of professionalism in deal management is increasingly important in a busy market.”
This article originally appeared on MandateWire.com
