Just Group completes largest defined benefit de-risking transaction to date
Retirement products business 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
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.