LCP advises on £250m full scheme buy-in between Just Group and the Ultra Electronic Pension Scheme
Pensions & benefits Pension risk transfer DB pensions Risk
LCP has advised on the £250m full scheme buy-in between retirement specialist Just Group and Ultra Electronics Pension Scheme (the “Scheme”).
The Scheme is sponsored by Ultra Electronics Limited (the “Company”), a UK-based defence and security company that develops pioneering and innovative defence technologies and solutions across the aerospace, maritime, cyber, and communications sectors. Established in West London more than 100 years ago, Ultra’s footprint now reaches around the world.
Completed in June 2025, the transaction secures the benefits of over 1,000 pensioners and dependants as well as over 750 deferred members. The Trustee, Company and advisers worked closely with Just to secure the buy-in and meet their agreed objectives, significantly reducing risk exposure for the Scheme and thereby protecting members’ benefits.
LCP acted as the lead risk transfer adviser for the Scheme with Eversheds providing legal advice to the Trustee and XPS acting as scheme actuary. Just Group received legal advice from CMS.
Ricky Patel, Partner at LCP, added: “It has been an honour to work with the Trustee and Company to structure and deliver this significant milestone for the benefit of members. Strong preparation was key to this transaction. Developing end-to-end solutions on all specifics in advance, combined with the right positioning of the Scheme's complexities and clear asks of the insurers provided market confidence - this secured very high insurer engagement and ultimately attractive pricing and terms. We’re pleased that the transaction achieved the Trustee's objectives in all key areas, including completeness of risk transfer, dovetailing the sale of illiquid assets and achieving a “perfect” asset lock to lock-in the economics which avoided asset trading and costs prior to execution.”
Geraint Jones, Senior Business Development Manager at Just Group, said: “We’re pleased to secure the pensions of over 1,750 Scheme members who, through our member support package, will continue to enjoy the benefits of the Pension Increase Exchange option and will have access to regulated financial advice. We enjoyed working closely with the Trustee and their advisers to deliver a bespoke asset lock solution that provided maximum certainty on affordability. This buy-in shows that the pension de-risking market continues to be dynamic and effective, supporting schemes of all sizes and with a variety of requirements.”
Natalie Winterfrost, Trustee Director at Law Debenture and Chair of the Trustee, said: “Security and service for our members has always been paramount and we are delighted to have secured our members’ pensions through a full buy-in with the Just Group. Just reassured the Trustee through every stage of a rigorous process with their ability to listen to and accommodate our particular requirements. It was testament to our preparatory work, and to the quality of the advice we received from LCP, Eversheds and XPS, that we found ourselves in a very competitively fought process, resulting in a great outcome for the Company as well as our members.”
Sven Lewis, CFO, Ultra Electronics UK Holdings Limited, said: “This announcement is very good news and ensures that the benefits of all the members of the Scheme have now been secured. Since the acquisition of the Ultra Electronics Group by Advent International over three years ago, we have had a clear plan to de-risk the pension scheme, which has included c.£75 million of cash investment from Ultra into the Scheme. The deal with Just completes that process and delivers long-term security for all our pension scheme members.”
