Just Group’s defined benefit (DB) business has completed 400 bulk annuity transactions, reaching a milestone since entering the market in 2012.
The life insurer launched with the vision of using the Group’s underwriting expertise and innovation credentials to deliver compelling solutions to trustees demanding the best support and outcomes for scheme members.
Since then, the business has accounted for around one-in-five of all de-risking transactions completed across the market.
A market-leader in smaller scheme de-risking, as stated by Just, the insurer leverages its member services, strong capital and reinsurance position to capture growth in medium and large schemes.
David Richardson, Group CEO at Just Group, said: “I’m incredibly proud of the team’s achievements since we entered the market at the end of 2012. Passing the milestone of completing 400 transactions is a good moment to reflect on how much we have helped trustees and sponsors of DB schemes secure the lifetime benefits for their members.
“We operate in a vibrant and competitive market with multiple insurers bidding for transactions. This helps ensure schemes of all sizes are well served by the market and completing 400 transactions is a marker of how well our service and proposition is meeting the needs of trustees, sponsors and members.”
Through Beacon, Just’s bulk quotation service, the insurer is able to deliver executable pricing for hundreds of schemes, monitoring market conditions and providing trustees with continuous quotations so they can make decisions with more confidence to transact when conditions are favourable.
In 2023, the platform was used by 17 employee benefits consultants to transact for their clients, and hundreds of additional schemes are added to the service each year.
Beacon has the scale to support all DB schemes in the UK – and along with recent propositions launched by other insurers, firmly demonstrates a well-functioning and efficient buyout market for DB pension schemes of all sizes, Just noted.
Pretty Sagoo, Managing Director, Defined Benefit Solutions at Just Group, said: “The majority of DB schemes are now funded at buy-out levels as a result of the significant improvement in scheme funding in the last few years. Of our 400 transactions, four in 10 have completed since 2022.
“We estimate that only 15% of defined benefit liabilities have been transferred to insurers via derisking transactions since 2007. This market has significant headroom for growth and Just Group are well positioned to help large, medium and small schemes achieve their objectives.”
