Mabey Pension Scheme advised by Isio completes £94m buy-in with Just Group

• Mabey and scheme trustee Zedra Governance Ltd were advised to focus on insurer preparation to enable an efficient transaction.

Mabey Holdings Limited has completed a £94million full scheme buy-in to secure the retirement benefits of its members with Just Group. The c1000 scheme members will benefit from the transaction.

Isio provided strategic advice to Mabey Holdings and its bulk annuity broking platform Opportune gave insurers visibility of the scheme and price target, with Just Group being able to hit the price within the desired timeframe. Isio also advised Zedra Governance, the scheme’s trustee on the buy-in and transition of assets from the scheme to Just Group.

Legal advice was provided to the trustee by Osborne Clarke and First Actuarial were the scheme actuary and administrators of the scheme.

Commenting on the deal, Kate Beauchamp, CEO of Mabey Holdings said: “Mabey Holdings has always taken its responsibilities as a DB scheme sponsor extremely seriously and we are delighted, having worked very closely with Isio, the scheme Trustee and wider advisory team, to see this important project successfully delivered.  We are confident this represents an excellent next step in securing this scheme and providing increased assurance for all members.  We cannot thank Isio, Zedra and the whole project team enough for their superb work.”

Adding to this Alison Bostock, Director of Zedra Governance Limited and scheme trustee said:  ”We are very pleased to have secured the buy-in for members, demonstrating how as sole trustee we were able to work pragmatically, collaboratively, and efficiently with Mabey Holdings and our adviser team. Our thanks go to all our advisers for helping us to make this happen.

Isio’s David Costello, risk management specialist who advised Mabey Holdings and Zedra Governance also added: “We are delighted to have facilitated this efficient transaction which is reflective of our approach to prioritise insurer focused preparation and all-party engagement. This deal shows that by outlining success criteria up front, all parties can work collaboratively and with pace to achieve the desired results.”

Kishan Radia, DB Business Development Manager at Just Group concluded: “There is a vibrant consolidation market for schemes of all sizes and we are extremely proud to have concluded this transaction, securing the benefits for members of the Mabey Pension Scheme. It was clear from the outset that the scheme was well-prepared, transaction-ready, and we were able to complete this deal within c3 months of first engaging with the scheme. Isio’s Opportune platform gave us early sight of the scheme’s data and price target, which allowed us to prioritise and participate in a resource-efficient way.”