Sackers advises Japanese bank’s UK pension scheme on £24m buy-in

The UK pension scheme of an unspecified Japanese bank has completed a £24m full buy-in with Just Group, securing the benefits of the scheme’s approximately 160 members. The scheme is sponsored by one of Japan’s largest financial institutions.

LCP led the buy-in deal for the trustee, with the transaction completed under the consultancy’s streamlined buy-in and buyout service for smaller schemes. This latest buy-in was the 118th completed through the service and brought the total buy-in premiums advised though the service to more than £5bn.

Legal advice was provided by Sackers and Gowling WLG.

David Barnett, Chair of Trustees, commented: “We are pleased to have achieved this transaction, working collaboratively with the bank, to secure full benefits for the bank’s UK pension scheme. We really value the hard work by all our advisers and how LCP supported us throughout the process, tailoring their streamlined service to ensure the transaction met our specific requirements.”

Michaela Berry, partner at Sackers added: “We were delighted to be part of the adviser team on this transaction. We worked collaboratively with the trustees, employer and their respective advisers to deliver this fantastic outcome.”

The Sackers team comprised partner Michaela Berry and associate Schuyler Hillbery.