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Press release

LCP advises on £290m buy-in transaction between ITB Pension Funds and Just Group

Pensions & benefits Pension risk transfer LCP news

The ITB Pension Funds (Open Fund) has announced the completion of a final buy-in transaction, which has been secured with Just Group. This £290m transaction is the fifth and final buy-in completed by the Fund, which has now fully secured all members’ benefits using a phased buy-in strategy. The Trustee of the Funds has been advised by LCP across all its transactions. The final transaction was achieved earlier than planned when the Trustee identified a material improvement in the funding position and was able to move quickly to secure it through a final buy-in.

Sam Jenkins, Partner at LCP, said: “This last transaction marks a great success story for the Funds and demonstrates the effectiveness of a strategy that reduces investment and longevity risk gradually over time. The success of each transaction has been forged from careful preparation and effective governance - ensuring the Trustee was well positioned to take advantage of market opportunities as and when they arose.”

Newell McGuiness, Trustee Chair at ITB Pension Funds, said: “This is a great success. We have achieved our investment objective much earlier than planned through an effective investment strategy and having efficient governance in place. This is a tribute to the Trustee Board and its advisers.”

Pete Jennings, Head of DB Sales at Just, said: “We are very proud to have secured the financial security of the remaining members of The ITB Pension Funds (Open Fund). We really enjoy repeat transactions when clients come back. It’s an endorsement of the high service standards the end-to-end team at Just strives to offer clients before, during and after a transaction.”

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