This transaction secures the benefits of 113 pensioners and a further 289 deferred members. The deal was completed in February 2024, building on Just Group’s record year of new business volumes totalling £3.4 billion in 2023
Just Group received internal legal advice, EY acted as Employee Benefits Consultant, and Dalriada acted as professional Trustee. Gowling WLG provided legal advice to the Company and Osborne Clarke provided legal advice to the Trustee. Foster Denovo Secondsight provided member communications advice and supported consultations with members.
Ross Breckon, Business Development Manager at Just Group, commented: “We are delighted to have worked in such strong collaboration with the Trustee, Sponsor, and professional advisers to secure the benefits for Scheme members. Our innovative bulk quotation service provided the overseas parent company with timely pricing insight which enabled them and the Trustee to confidently make the decision to transact. Our streamlined and robust process has created the conditions for schemes of all sizes, big and small, to gain access to the insured bulk annuity market.”
Ethaniel Kelly-Wilson, Head of HR Operations for Epson Europe, commented: “Through this transaction Epson is securing its longstanding pensions promises to scheme members, and we are reassured that all of the affected employees agreed with our business case to make this change. The completion of the buy-in reflects a collaborative working relationship between Epson and the Trustee. Over a period of many years, we have built a strategy to de-risk our scheme and get us to a place where a transaction was achievable, and we have managed to achieve this well ahead of schedule. I would like to thank all involved for helping us get to this position.”
Eimear Kelly, Partner at EY, commented: “We are very pleased to have been able to work collaboratively with Epson, the Trustee, Just and the other professional advisors to secure members’ benefits. Just’s indicative pricing process allowed us to get a clear understanding of the costs at the outset and enabled an efficient transaction process once we moved to the point of getting a guaranteed quotation with increased certainty over the transaction price and timing.”
Adrian Kennett from Dalriada, commented: “We are delighted to have enhanced the protection of Members’ benefits through the purchase of the policy with Just. As sole Trustee our team-based and collaborative approach was central to helping achieve an efficient and effective transaction.”
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