Global battery and lighting brand Energizer Group has completed a £44 million pensions buy-in for its Energizer UK Pension Plan.
The deal, which was carried out with financial services firm Just Group and scheme trustee Zedra Governance, secures the benefits of all scheme members, which includes 409 pensioners and 358 deferred members.
Buck acted as the employee benefit consultant, legal advice for the trustee was provided by Hogan Lovells, and Just Group used in-house legal support.
Clare James, head of professional corporate sole trustee and client director at Zedra Governance, said: “The trustee is delighted to have been able to complete a buy-in transaction with Just, enhancing the security of benefits for members of the plan. The trustee was particularly pleased with how quickly it was possible to move from guaranteed quote to execution, thanks to the responsiveness of Just, our advisers, Buck and Hogan Lovells, and our Zedra Governance professional corporate sole trustee model.”
Steve Williams, senior consulting actuary and lead broker at Buck, added: “We are delighted to have helped the trustee secure an insurance policy with Just, which represents a brilliant outcome for the plan and its members. Our team worked closely with the trustee and co-advisers to get this deal completed in a short amount of time, allowing the trustee to take advantage of favourable insurance pricing.”
Amol Chalisgaonkar, legal adviser at Hogan Lovells, said: “Alongside our co-advisor Buck, we helped the trustee lay down the groundwork to ensure it was in a good position to take advantage of favourable pricing and move to transact quickly. This is a big positive step for the security of members’ benefits.”