The ITB Pension Funds (Open Fund) has completed £290m buy-in with Just Group, making it the fifth and final buy-in completed by the Fund.
The deal means that now all members’ benefits are fully secured using a phased buy-in strategy.
The Trustee was able to move rapidly to secure the financing position through a final buy-in after seeing a major improvement in the funding situation, resulting in the completion of the transaction earlier than anticipated.
LCP provided advice to the trustee of the Funds during all of its transactions.
LCP partner Sam Jenkins says: “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.”
ITB Pension Funds trustee chair Newell McGuiness says: “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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