Just Group completes largest defined benefit de-risking transaction to date
By Iain Gilbert
Date: Thursday 14 Nov 2024
(Sharecast News) - Retirement products business Just Group said on Thursday that it has completed its largest defined benefit de-risking transaction to date.
Just Group said it had secured a £1.8bn full buy-in with the trustee of the G4S Pension Scheme, covering the benefits of roughly 22,500 pensioners and deferred members following a "competitive and rigorous" selection process.
The FTSE 250-listed group stated that utilising its funded reinsurance proposition, it was reinsuring 60% of the investment and longevity risks of the transaction. The transaction, which it had entered into with a subsidiary of Brookfield Wealth Solutions, was expected to close "in the coming weeks".
Just Group added that it was retaining 40%, which represents the shareholder-funded portion of the transaction, consistent with guidance given at the time of its H124 results.
As of 0915 GMT, Just Group shares were up 5.01% at 142.40p.
Reporting by Iain Gilbert at Sharecast.com
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