The Careers Research and Advisory Centre (CRAC) Pension Scheme has secured a £2.8m full scheme buy-in with Just Group, insuring the benefits of 30 deferred members and 10 uninsured pensioner members.

The transaction completed the buy-in of all remaining scheme liabilities after a pensioner-only buy-in with Just Group in 2014.

The group said it estimated that the shortfall had fallen to an acceptable level in early 2024, with asset de-risking, data, and benefit preparation starting "at pace" as a result.

Broadstone provided annuity broking advice, investment consultancy and administration services and took on the role of scheme actuary. 

CMS provided legal advice to the trustees, while Just Group received legal advice from their in-house team.

The scheme is sponsored by CRAC, a registered charity that provides research, intelligence, and innovation services for those who support career development.

CRAC CEO, Clare Viney, said the charity was “keen” to complete this transaction to secure the benefits for its employees past and present but subject to ensuring value when using the charity’s reserves.

She stated that Just Group was a "natural place" to start given its existing relationship and thanked Broadstone for their guidance and support throughout the process and all parties involved for their support and collaboration.

Adding to this, Just Group business development analyst, Rosie Mills, said: “A repeat transaction with an existing client is always pleasing – it’s a strong endorsement that we are delivering great service and doing the right thing for members.

“We’re very pleased that our price monitoring and bulk quotation service, Beacon, offered the trustees and charity the reassurance they needed to proceed.

“We enjoyed working with Broadstone and the trustees to secure the benefits for all the members of the CRAC Pension Scheme.”

Broadstone deal lead, George Whitaker, also said he was “pleased” to have helped the trustees and charity achieve this “significant milestone”.

“When Broadstone was first appointed to provide actuarial and administration services in 2022, the scheme had an estimated buy-out shortfall of over £3m,” he continued.

“The transformation in under three years has been dramatic and is testament to the hard work of the trustees, charity, and advisers during that period.”

This article was first published on our sister website, Pensions Age.

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