Governance Financial Statements
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Strategic Report
STRATEGIC REPORT 1 Our purpose 2 Investment case 3
GOveRNANCe FINANCIAL STATeMeNTS
JUST GROUP PLC | ANNUAL RePORT AND ACCOUNTS 2024
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STRATEGIC REPORT
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our strategy in action
A RECORD YEAR FOR OUR DEFINED BENEFIT DE-RISKING BUSINESS Our defined benefit de-risking business exemplifies the spirit of this year’s Annual Report. We’ve become bigger, better and the future is bright. 2024 was a record year on every level.
Bedrock of Britain Supporting small and medium size schemes is in our DNA and we are passionate about helping them to access the security that de-risking with an insurer delivers. We are proud to have worked with some of the great organisations that are part of the heritage of Britain covering a spectrum of industries – such as S.A. Brain & Co (brewery), Wednesbury (copper tubing manufacturer), St.Modwen (sustainable house builder) and First Milk (British farming co-operative) to name a few. De-risking their DB pension schemes means that these businesses can focus on growing their business, their contribution to the economy and their communities, with legacy DB obligations and the associated risks now managed by Just. A reputation for excellence 2024 also saw us complete our third largest transaction to date, a £510m Buy-in with a global engineering company and pioneers in creating technology for communication. This was our third transaction with the company. When trustees choose to contract with you to deliver further services it provides a strong sense of pride inside Just. It’s a clear signal that we are trusted to deliver outstanding service and value to members. Member first When it comes to innovation – our north star is providing the very best experience we can for our members. At the start of the year, we carried out a piece of research with over 1,500 members of DB schemes to surface how they feel about planning and managing their retirement and how that could inform how we support them. The headline conclusion was that none of us should assume that just because someone has a gold standard DB pension it means that they don’t need support and help as they approach, and journey through retirement. In particular, for those approaching retirement they could be in a position where their DB pension is only one of perhaps four or more retirement savings pots they have in place. We identified that for schemes moving to Buy-out, those members may not have access to help, support and advice. To close this gap, we’ve launched a member advice service in conjunction with our sister company HUB Pension Consulting. Another example of Just becoming better for its members.
Financial and operational highlights
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At a glance
Largest ever transaction – £1.8bn Buy-in for G4S Highest value of Total DB De-risking sales – £5.4bn Highest number of transactions completed – 129 The most de-risking transactions completed in a single year by an insurer Highest number of schemes using Beacon, our successful bulk quotation and price monitoring service – over 350.
Cumulatively, we’ve completed over 500 transactions since we launched in 2012, that’s one-in-four deals across the entire market. We are providing outstanding support to pension schemes of all shapes and sizes – big ones, small ones and everything in between. The market has never been brighter and more vibrant, and we have responded with ambition, innovation, focus and discipline to deliver a record-breaking year.
Chair’s statement
Chief Executive Officer’s statement
10 Market context 14 Business model 16 Strategic priorities
BIGGER. We have increased our scale so we can help more trustees, sponsors and pension scheme members.
BETTER. We’ve invested to add new capabilities into our business, from new talented colleagues to leading edge technology so that we can provide solutions to meet the needs of all schemes.
JUST GROUP | TOTAL DB DE-RISKING SALES
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150
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120
BRIGHTER. We’re innovating and ambitious to help more members so that we may fulfil our purpose. This requires us to think differently
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18 Our strategy in action: Case studies 26 Financial key performance indicators 28 Business review 40 Sustainability: TCFD 54 Colleagues and culture 58 Relationships with stakeholders 61 Section 172 statement 62 Non-financial and sustainability information statement 64 Risk management 66 Principal risks and uncertainties
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and push ourselves to break new ground as the results demonstrate this year.
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Read more about our biggest deal to date on p20
Total DB (£bn)
Number of transactions
Bigger. BETTER. BRIGHTER. explained p18 – 19
GOVERNANCE REPORT 70 Chair’s Governance overview
72 Board of Directors 76 Senior leadership 78 Governance in operation 94 Nomination and Governance Committee report 98 Group Audit Committee report 104 Group Risk and Compliance Committee report 108 Directors’ Remuneration report 123 Directors’ report 128 Directors’ responsibilities FINANCIAL STATEMENTS 129 Independent auditors’ report 139 Consolidated financial statements 143 Notes to the consolidated financial statements 207 Company financial statements 210 Notes to the Company financial statements 214 Additional information 216 Information for shareholders 218 Directors and advisers 219 Glossary and abbreviations
HOMEOWNERS We provide the resources to improve the later life of homeowners and their families.
COMPANIES We provide advisory, technology and customer services to help UK companies with retirement- focused solutions to meet the needs of their customers and clients in later life.
All Just Group plc regulatory announcements, shareholder information and news releases can be found on our Group website, www.justgroupplc.co.uk/investors
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