14th Oct 2014 06:48
LONDON (Alliance News) - Just Retirement Group PLC Tuesday said it has completed its largest defined benefit de-risking transaction, a buy-in deal for GBP75 million which was contracted in September.
In a statement, the specialist insurer said it can't disclose the full details of the deal until all the scheme's members have been told the particulars, but it will provide a bulk annuity contract to the scheme trustees to cover all pensioner members and the deal marks it first completed transaction with the employee benefit consultant advising on the scheme.
"The scheme's liability duration is a good match for our mortgage assets and wider investment portfolio. I am delighted that the group's financial strength and pricing know-how have enabled us to break into the next level of the defined benefit de-risking market, and that we have further expanded our distribution footprint," said Tim Coulson, director of Defined Benefit Solutions at Just Retirement.
By Steve McGrath; [email protected]; @stevemcgrath1
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