On the go: Britax Childcare Group has completed a triple buy-in for its three defined benefit schemes worth £30m with Just Group.
The deal covers around 300 members, or 70 per cent of the children’s car seat and stroller manufacturer’s liabilities, across its three DB schemes – the Britax Childcare Limited Pension Fund, the Jessups Group of Companies Pension and Life Assurance Plan (1973) and the Lloyds Garage Pension Scheme.
The transaction, completed in June 2021, will enable the small Lloyds Garage Pension Scheme to be wound up, a statement read.
The deal, which was achieved without additional contribution from the sponsor, was finalised after a full detailed strategy process to make the schemes’ buyout ready, and completed from final competitive quotes to transaction in just 11 working days, the document added.
All three schemes have a single trustee board who were advised throughout the process by Broadstone and Gateley Legal.
Stephanie Gardiner, chair of the Britax schemes’ trustee board, said the trustees are “delighted to have completed this transaction with Just to secure such a large proportion of the schemes’ liabilities, achieving significant risk reduction to the benefit of our members and the employer”.
Martin Parker, business development manager at Just Group, noted that this was the first time the insurer was involved in transacting across three schemes simultaneously.
He said: “The schemes were well prepared, which allowed us to quickly move to transacting and we’re really pleased to have provided this security for the scheme members, employer and trustee.”
Nigel Jones, head of consultancy and actuarial at Broadstone, added: “With our continued growth and increasing demand from our schemes for bespoke insurance solutions, we expect our specialist risk transfer team to be completing more of these transactions over the coming months.”
