The significant buy-in transaction, signed in December 2021, secures the benefits for 640 deferred and pensioner members of the Treatment Section of the Plan. The team at Just are now working with the trustees and their advisers towards achieving buy-out and ultimately wind-up of the Treatment Section.
The trustees were advised through the process by Broadstone Consultants & Actuaries Limited and DLA Piper. CMS provided legal advice to Just.
Commenting on the deal, Nigel Jones, Director of Consultancy and Actuarial at Broadstone, said: “The strength of the funding position and competitive terms from Just allowed the transaction to proceed. The Treatment Section represents a legacy business for Stantec so this is a significant step forward in de-risking the Plan and strengthens our long term relationship with the Trustees and Company.
I’m particularly pleased that we could complete significant work to prepare the Plan for market at pace and secure this transaction. Consistent with the message coming from insurers, we’re seeing a significant step up in the number of schemes ready to approach the market and 2022 looks set to be a busy year.”
Independent trustee, Darren Howarth of Align Pensions, added: ‘‘We are delighted to have signed this transaction with Just, to secure the benefits for the Treatment Section of the Plan. Following an improvement in funding and the Company’s desire to secure the benefits, we had to rapidly prepare the Section to approach the market. This involved data cleansing, asset de-risking and reviewing benefits, which required a coordinated and collaborative effort from the trustees and our advisors. We can now focus on achieving an improved position for the other sections of the Plan.”
Martin Parker, Business Development Manager at Just, adds: “We’re very pleased to have secured these members’ benefits in what was an extremely busy market in the second half of 2021. By working closely with the trustees of the Stantec Pension Plan (UK) and Broadstone we were able to ensure the transaction signed successfully within a tight timeframe. And the significant work done to prepare the section for market made the transaction attractive and allowed us to offer competitive pricing.”
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