Insurer Just Group has secured the defined benefit pension scheme of ELG Metals UK for £28m, in a transaction completed in five weeks.
The buy-in was finalised in December 2024, Just Group said in a statement, with the pension scheme and its adviser, Mercer, having identified “advantageous market conditions” in November.
The deal insured 180 members of the ELG Haniel Metals Limited Pension and Assurance Scheme, including 99 deferred members and 81 pensioners.
Ross Breckon, business development manager at Just, said the insurer was able to execute quickly due to its technology platform and streamlined buy-in pricing model.
He added: “Working closely with the trustees and adviser ensured the price met the scheme’s needs, avoiding any changes in the required contribution from the sponsor.”
Matthew Tighe, finance director at ELG Metals UK, said completing the deal before the end of the year had helped manage cash contributions into the scheme going into 2025.
“The speed at which the deal was done, and the positive engagement from Just, allowed us to meet our financial objectives,” he added.
Sue Perks, chair of the trustee board, said: “To achieve [the buy-in] over such a short timeframe was testament to Mercer’s hard work and proactiveness, as well as Just’s flexibility.”
Data from WTW published earlier this year showed that 2024 brought a record £52bn worth of bulk annuity deals across the UK defined benefit sector.
