Just Group, recognized as a specialist in retirement financial solutions, has successfully finalized a significant £16 million buy-in for The Deutz Retirement Benefits Plan. This plan is underpinned by Deutz AG, a prominent global manufacturer of advanced drive systems that has established a strong presence in the UK since 1952.
This transaction was remarkably executed within just six weeks, allowing the Scheme to effectively mitigate risks and capitalize on favorable market conditions. By collaborating closely with the Trustee and their advisers, Just Group accelerated the buy-in process in November 2024, ultimately concluding the deal in December 2024.
The buy-in secures the retirement benefits for 181 members of the Scheme, which includes 70 deferred members and 111 pensioners. Mercer played a vital role as the lead risk transfer adviser for the Scheme, while Shoosmiths provided essential legal counsel to the Trustee. Additionally, Just Group leveraged its in-house legal team to facilitate the transaction efficiently.
This deal represents one of a record-breaking 129 transactions completed by Just Group in 2024, showcasing the company’s remarkable capacity to manage transactions of various sizes while upholding a consistently high standard of service.
Ross Breckon, Business Development Manager at Just Group, commented, “Our investment in technology has enabled us to deliver faster and more accurate pricing through our innovative Beacon service. The streamlined execution process empowers schemes to take advantage of favorable market conditions. Just’s technology-enabled solutions have proven successful for schemes of all sizes.”
Suchi Dench, Risk Transfer Consultant at Mercer, added, “Just Group facilitated this transaction to meet the accelerated timescales, ensuring that the Trustees could take full advantage of favorable market conditions and secure members’ benefits entirely. This is particularly encouraging for smaller pension schemes as it enhances choice for trustees in an increasingly busy market.”
Oliver Neu, Chairman of The Deutz Retirement Benefits Plan, expressed, “We have always prioritized the commitment to our members, and this buy-in allows us to protect those promises with confidence. We are immensely grateful to Mercer for their expert leadership in navigating the market, securing a competitive process, and helping us fulfill our objectives.”
He further stated, “The expedited timeline we requested for the buy-in completion demanded extraordinary effort from all the advisers involved. We extend our special thanks to the teams at Mercer, Shoosmiths, and Aptia for their unwavering support to the Trustee throughout this process.”
