LONDON, 6 December 2023 – Buck, a Gallagher company, has today announced the completion of a £10m bulk annuity transaction for the Superior Pension Fund, in partnership with Just Group.
Just Group will insure the Fund’s liabilities for 78 members, protecting against the investment, inflation, and longevity risks associated with these members’ benefits. The mitigation of these risks has helped to achieve one of the key objectives of the Trustees, the Fund’s sponsoring employer (Greenery U.K. Limited), and its parent company (Greenery BV), an international food and vegetable supplier.
The Trustees were also advised throughout the process by Harrison Clark Rickerbys, the Trustees’ legal advisers, and Capita Pension Solutions, the scheme actuary and administrator, as well as Canaccord, the Trustees’ investment adviser.
Kishan Radia, Business Development Manager at Just Group, said of the transaction:
“There is a vibrant DB de-risking market for schemes of all sizes and our innovative bulk quotation service provides access to live insurer pricing for all shapes and sizes of schemes. Working together with Buck, over a period of approximately six months, we were able to monitor closely the Superior Pension Fund’s funding position and move quickly when the Trustees chose to transact. We’re very pleased to have secured the benefits for members of this scheme.”
Lee Evans, Chair of Trustees at the Superior Pension Fund, said:
“We are absolutely delighted to have secured this insurance policy for the Fund, which will considerably enhance the security of our members’ benefits. The whole process has been managed expertly by Buck, who helped us overcome a number of obstacles in completing this transaction. This was a real team effort, though, and I would also like to put on record our thanks to Capita as our Scheme Actuary and administrator, HCR as our legal adviser, and Canaccord as our investment adviser, all of whom have collaborated really effectively to achieve such a positive outcome for the Fund and our members. We are also extremely grateful to Greenery UK Limited and The Greenery BV for all their help and support throughout this process.”
Mark van den Berghen, Head of Risk Transfer at Buck, a Gallagher company, added:
“We are delighted to have helped the Trustees secure an insurance policy with Just Group. Getting traction in the current climate for small schemes in particular can be challenging, but with thorough planning and project management we have achieved a brilliant outcome. We are all very pleased with the terms of the transaction, which represents the best possible result for the Fund and its members. An outstanding collaboration between our team, the Trustees, co-advisers, and the Company ensured that we successfully and efficiently completed this deal within the agreed timeframe.”
ENDS
Notes to Editors
About Buck, a Gallagher company
Buck, a Gallagher company, is an integrated HR, pensions, and employee benefits consulting, technology, and administration services firm. Founded more than 100 years ago as an actuarial consultancy, we’ve evolved to serve organisations and trustees across the health, wealth, and career spectrum.
With the ultimate goal of securing the futures of our clients’ employees and members, we develop tech-enabled programmes that engage individuals and drive organisational performance. Our award-winning engagement solutions and people-first approach empower the world’s most forward-thinking organisations to protect the physical and financial wellbeing of their employees and members and improve how their people work and live. For more information, visit www.buck.com.
About Gallagher
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
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