Just Group plc | Annual Report and Accounts 2024
20
OUR STRATEGY IN ACTION continued
A NEW RECORD FOR JUST – OUR BIGGEST DEAL TO DATE
We successfully completed a £1.8bn, full scheme Buy-in with the Trustee of the G4S Pension Scheme, covering the benefits of c.22,500 pensioner and deferred members. Completing deals of this size and complexity required a different Just to the one that existed a few years ago. We’ve been on an ambitious journey to become bigger and better. The investment we’ve made to add to our capabilities and scale have been put to great use to support the trustee and members of the G4S scheme.
To meet the trustee requirements for this milestone transaction:
• Our investment team sourced attractive assets and our dedicated reinsurance team executed a combination of longevity and asset reinsurance. • We locked the premium to movements in the scheme’s asset portfolio, received the scheme’s assets as premium payment, and offered enhanced contractual terms to mitigate post-transaction risks for the trustee. • We started the member calculation set-up process early in the process which meant that high standards of member service were uninterrupted at the point of transaction.
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£ 1.8 bn Total transaction value
22,500 Pensioner and deferred members
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