Industries Pension Plan completes £135m ‘follow-on’ buy-in with Just Retirement

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LCP today announces that the Aggregate Industries Pension Plan (the Plan) recently completed a £135m pensioner buy-in with Just Retirement Ltd, part of the JRP Group.

The buy-in is a ‘follow-on’ transaction to the £210m pensioner buy-in completed by the Plan in 2010. It covers the benefits payable to over 750 members who have retired since the previous transaction and means the Plan now has half of its liabilities secured. Lane Clark & Peacock LLP (LCP) acted as lead advisor. Freshfields Bruckhaus Deringer provided legal advice. The Trustee Board was also advised by Punter Southall, Deloitte and Lincoln Pensions.

Ian McGown, Head of Pensions and Reward at Aggregate Industries, said: “This follow-on buy-in provides additional financial certainty for Aggregate Industries, the Trustee Board and Plan members. In uncertain economic times Just Retirement was able to offer attractive financial and commercial terms. The successful transaction owes much to the hands-on experience of LCP and our other professional advisers working closely with Just Retirement.”

Charlie Finch, Partner at LCP and lead adviser, said: “I am delighted to have helped Aggregate Industries and the Trustee Board secure this follow-on buy-in with Just Retirement. A series of buy-ins provides a cost effective de-risking strategy in an uncertain world. The Plan has now insured half of its liabilities, timing the buy-ins to benefit from market opportunities as they arise.”

Tim Coulson, Director of Defined Benefits at Just Retirement, said: “Just Retirement is very pleased to enter into this buy-in and looks forward to working closely with the Trustee to deliver a successful outcome for Plan members”