Just Group has completed a multi-scheme buy-in with the Church of Scotland Pension Scheme, worth a total of £75m.
The transaction, which completed in December 2024, insures the benefits of around 2,350 members and dependants in three sections across two pension schemes.
The largest deal involved a £40m buy-in for the Social Care Council Section of the Church of Scotland Pension Scheme for Staff. Just also insured the Central Services Committee Section of the same scheme for £25m.
The third deal was a £10m buy-in for The Church of Scotland Pension Scheme for Ministries Development Staff.
Geraint Jones, business development manager at Just Group, said: “This was an interesting multi-scheme transaction for which we put together a competitive offering that included a bespoke price lock. The scheme also prioritised long-term member experience and we are pleased to be trusted to look after the schemes’ members for many years to come.
“This transaction shows that the insurance de-risking market continues to be dynamic and effective, supporting schemes of all sizes and with any type of complexity.”
LCP was the lead transaction adviser to the trustee board, and facilitated the transaction using its streamlined buy-in service. Legal advice was provided by Gowling WLG and Burness Paul.
Ray Martin, chair of the trustee sub-group, said: “This was an important step for the trustees in reducing the risk of the schemes to the Church, now that the benefits of all members are fully secured with a strongly capitalised UK insurer. Collaborative work between the trustees, the Church, LCP and other advisers in an efficient process made this transaction possible.”
