The MGN Pension Scheme, which caters for former employees of Mirror Group Newspapers and is now sponsored by Reach, has completed a £150m (€176m) buy-in with Just Group.
The deal, which was completed in November 2024, insures the benefits of around 1,300 in-payment pension fund members.
It is the first buy-in for the scheme and was structured to ensure that any future transactions with Just Group can be completed efficiently, it was announced.
LCP acted as the lead risk transfer adviser for the scheme, with Travers Smith providing legal advice to the trustee, and Aon acting as the scheme actuary. Hymans Robertson and Slaughter and May advised the sponsor, with Gowlings advising Just Group.
Quentin Woodley, chair of trustees, said the buy-in deal was “a significant step […] to providing long-term security for members’ pensions”.
He said: “LCP ran a thorough selection process to help the trustee choose Just [Group] and we worked closely with the sponsor to agree a transaction structure that achieved all parties’ objectives.”
Kishan Radia, business development manager at Just Group, said: “We’re very pleased to have completed this initial pensioner-only buy-in and to provide long-term security for more than 1,000 members. “We look forward to working in partnership with the scheme’s trustees on their de-risking journey over the coming years.”
He added: “The insurance de-risking market is working positively for schemes of all sizes and Just [Group] is delivering an outstanding service to small schemes, large schemes and everything in between.”
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