S.A. Brain & Company £70m full scheme buy-in
Press Release
In March 2023, the following press release was issued, revealing details of a £70m full scheme buy-in for S.A. Brain & Company Limited’s pension schemes. Quantum Advisory was the transaction adviser.
Just Group recently completed a £70 million full scheme buy-in with the Trustee of the SA Brain and Company Limited Group Pension Scheme and the Crown Buckley Limited Pension Scheme, insuring the benefits of around 420 pensioners and 200 deferred members. The transaction provides improved benefit security to members and delivers a key step in the Schemes’ employer, S.A. Brain & Co Limited’s, restructuring plan following the significant challenges encountered during the Covid-19 pandemic. After much work and due diligence, the Trustee signed a contract with Just Group to insure benefits for all members of the Scheme.
The lead transaction adviser, investment adviser and Scheme Actuary were members of the team at Quantum Advisory. The Trustee legal advisers were Gowling, and Isio acted as actuarial adviser to S.A. Brain. The Trustee was chaired by Independent Governance Group (IGG).
Andrea Collins, Head of Trustee Relationships, DB Solutions at Just Group, said:
“Working closely with the Trustee, sponsor and advisors enabled us to successfully complete this transaction under short timescales. We were very pleased to be able to support the Trustees to achieve a positive outcome for the members.”
Jon Bridge, CEO at S.A. Brain & Co Limited, said:
“I am delighted that S.A. Brain was able to support the Pension Trustees and Just Group in completing this transaction. The executive team at Brains and the Pension Trustees at IGG have worked diligently together over an extended period of time with the shared aim of securing members benefits. Just have been fabulous to work with and I would like to thank all the advisors involved for all of their dedication and hard work.”
Tegs Harding, Independent Governance Group, Chair of Trustee, said:
“We are very grateful for the significant support from S.A. Brain, as well as positive engagement with Just who went above and beyond in this transaction to help us secure members benefits. I’m absolutely delighted that we have been able to deliver this outcome for members.”
Stuart Price, Partner at Quantum Advisory, said:
“We have enjoyed a long-term relationship with S.A. Brain so it is extremely pleasing that the team at Quantum could play an important part in fully securing the benefits promised to members of both schemes. To complete this transaction successfully in such a short timescale owed much to the great collaboration and hard work from all parties involved.”
The transaction was completed in December 2022.