The deal will protect the scheme against the investment, inflation, and longevity risks associated with these members’ benefits
The Superior Pension Fund has completed a £10 million bulk annuity deal with Just Group, insuring the pension liabilities for 78 members.
The deal will safeguard the scheme against the investment, inflation, and longevity risks associated with these members’ benefits.
This is in turn expected to help achieve one of the key goals of the trustees, the scheme’s sponsoring employer, Greenery U.K. Limited, and its parent firm, Greenery BV, an international food and vegetable supplier.
Superior Pension Fund chair of trustees, Lee Evans, said that the trustee was “delighted” to have secured the deal, which will “considerably enhance” the security of scheme members’ benefits.
The overall process has been managed expertly by Buck, who helped us overcome a number of hurdles in accomplishing this transaction, Evans added.
This was a real team effort, though, and I would also like to put on record our thanks to Capita as our scheme actuary and administrator, HCR as our legal adviser, and Canaccord as our investment adviser, all of whom have cooperated really effectively to accomplish such a positive outcome for the fund and our members, he said.
We are also extremely grateful to Greenery UK Limited and The Greenery BV for all their help and support all through this process, Evans added.
Adding to this Buck head of risk transfer, Mark van den Berghen, said that while getting traction in the present climate for small schemes in particular can be challenging, the scheme was able to still achieve a “brilliant outcome” through detailed planning and project management.
Just Group business development manager, Kishan Radia, said: There is a vibrant Defined Benefit de-risking market for schemes of all sizes and our innovative bulk quotation service provides access to live insurer pricing for all shapes and sizes of schemes.
Radia added: Working together with Buck, over a period of around six months, we were able to monitor closely the Superior Pension Fund’s funding position and move quickly when the trustees chose to transact. We are very pleased to have secured the benefits for members of this scheme.