The ELG Haniel Metals Limited Pension and Assurance Scheme has completed a £28m buy-in with Just Group, securing the benefits of 99 deferred members and 81 pensioners.

The firm said that the accelerated transaction, which concluded in December 2024, leveraged favourable pricing conditions for rapid de-risking and guaranteed member benefits using Just Group's 'beacon' service.

Mercer acted as the scheme's lead risk transfer adviser, Walker Morris provided legal advice to the trustees, and Just Group's in-house legal counsel advised.

This transaction was one of 299 defined benefit (DB) pension scheme buy-ins completed in 2024, marking the largest ever number of transactions completed in a single year.

Chair of trustees, Sue Perks, said she was "delighted" to have reached this milestone in the scheme's journey.

"To achieve it over such a short timeframe was a testament to Mercer's hard work, proactiveness, and Just's flexibility."

Adding to this, finance director, Matthew Tighe, said: "It was important to the company to get the deal done before the year-end and manage cash contributions into 2025. The speed at which the deal was done and the positive engagement from Just allowed us to meet our financial objectives. Thank you to all the teams involved."

Also commenting on the deal, Just Group business development manager, Ross Breckon, said: "Leveraging our innovative, streamlined technology platform that delivers efficient pricing via beacon, made it possible for us to execute a rapid, well-priced transaction for ELG when market conditions were favourable.

"Working closely with the Trustees and adviser ensured the price met the scheme's needs and avoided any changes in the required contribution from the sponsor," he added.

This article was originally published on our sister title, Pensions Age.

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