Company Announcements

Completion of largest single DB transaction

Source: RNS
RNS Number : 7235S
Just Group PLC
18 July 2022





18 July 2022



Just Group completes its largest defined benefit de-risking transaction

- a £0.5bn full scheme Buy-in



Last week Just Group plc ("Just", the "Group") completed a full scheme Buy-in with a pension scheme whose sponsor is an international industrial services business, insuring c. 4,800 members.  This is the largest single transaction Just has completed since its entry into the market in 2012. The scheme has around 3,000 pensioners and c. 1,800 deferred members.


We continue to extend and evolve our defined benefit de-risking ("DB") proposition, taking the opportunity with this transaction to reinsure c. 50% of the liabilities in the scheme. This, our second DB partner transaction, was achieved through a funded reinsurance arrangement with a new reinsurance partner and underlines the Group's commitment to grow its new business with low capital strain.


David Richardson, Group Chief Executive, said:

"We are very pleased to have been selected by the trustees to secure the member benefits of this large pension scheme. As the highest single value transaction our DB business has completed to date and with the involvement of a new reinsurance partner, the deal demonstrates our capability to provide innovative solutions across the DB market.


Our DB team continues to be very active, completing 14 deals in the first six months of 2022, albeit with a smaller average transaction size compared to 2021. We are currently quoting on over £5bn of deals and the broader DB market is very active.  This healthy new business pipeline and positive momentum, fuelled by the deal we are announcing today, and supported by our strong capital position, give me confidence that we will meet or exceed our growth ambitions in 2022 and beyond."








Results for the six months ended 30 June 2022

9 August 2022


Note to editors

Details of the pension scheme and the professional services firms advising on the transaction will be published later this year following an announcement to members of the pension scheme by the trustees




Investors / Analysts


Alistair Smith, Investor Relations

Telephone: +44 (0) 1737 232 792


Paul Kelly, Investor Relations

Telephone: +44 (0) 20 7444 8127







Stephen Lowe, Group Communications Director

Telephone: +44 (0) 1737 827 301


Temple Bar Advisory

Alex Child-Villiers

William Barker

Telephone: +44 (0) 20 7183 1190


A copy of this announcement will be available on the Group's website




Enterprise House

Bancroft Road


Surrey RH2 7RP

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.