Ultra Electronics Pension Scheme has completed a £250m (€288m) full scheme buy-in with Just Group.
The transaction, completed in June 2025, secures the benefits of over 1,000 pensioners and dependents as well as over 750 deferred members of the UK-based defence and security company.
The trustees, plan sponsor and advisor worked closely with Just Group to secure the buy-in and meet their agreed objectives, significantly reducing risk exposure for the pension fund and thereby protecting members’ benefits.
LCP acted as the lead risk transfer advisor for the scheme, with Eversheds providing legal advice to the trustee and XPS acting as scheme actuary. Just Group received legal advice from CMS.
Natalie Winterfrost, trustee director at Law Debenture and chair of trustees, 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.”
She added that Just Group reassured the trustees throughout every stage of a rigorous process, “demonstrating their ability to listen to and accommodate our particular requirements”.
Geraint Jones, senior business development manager at Just Group, added that this buy-in deal shows that the pension de-risking market continues to be dynamic and effective, supporting schemes of all sizes and with a variety of requirements.
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