Just Group has insured the South East Water Pension Scheme in a buy-in deal worth £120m.
The transaction was completed in December 2024 and was one of 129 completed by the insurer last year. Just said this was an industry record for the number of deals completed in a calendar year.
It followed a 2015 transaction with the South East Water Pension Scheme, and between them the two deals have secured the benefits of all members of the scheme.
Just said the transaction was “notable” as it involved insuring complex benefit structures such as non-standard pension increases and member options.
Iain Church, head of core transactions at Hymans Robertson, the lead transaction adviser on the deal, said: “Given the scheme’s benefit complexities, which are common to the water industry, the flexibility and expertise demonstrated by Just was instrumental in ensuring this transaction met all of the trustee board’s requirements.”
Jo Stimpson, chair of the trustee board, said: “We are delighted to have completed the scheme’s final buy-in, marking the successful conclusion of a significant de-risking journey to enhance the long-term security of our members’ pensions.
“This achievement has been made possible through years of close collaboration with South East Water and the invaluable guidance of our advisers, ensuring the best possible outcome for our members.”
Andrew Farmer, chief financial officer at South East Water, added that the buy-in was “an important step” in de-risking the company’s pension liabilities and was “the result of a well-executed strategy”.
