Pinsent Masons advises Just Group on its £340m buy-in deal with the Ibstock Pension Scheme

20 Oct 2020 | 12:00 am | 1 min. read

Multinational law firm Pinsent Masons has advised Just Group (Just) on its £340m bulk annuity transaction for over 1,800 pensioners of the Ibstock Pension Scheme, representing over half of the total pension liability in the scheme.

Despite the additional challenges presented by the Covid-19 pandemic, this deal represents Just's largest single transaction.

Since entering the defined benefits de-risking market in 2012, Just has written over £7.5bn of premiums to secure the benefits of over 30,000 members, with Pinsent Masons acting on many of the transactions.

Led by partner Rob Tellwright, the team of specialist pensions risk transfer lawyers at Pinsent Masons also included Howard Ridley (partner) and Lorna Khemraz (solicitor). 

Commenting on the deal, Rob Tellwright partner at Pinsent Masons, said: “We are delighted to have supported Just on the completion of their largest transaction, a significant milestone for Just's business. It required all parties to be ready to transact at speed as the lockdown eased and market conditions stabilised, so exceptional communication and a pragmatic, collaborative approach between all parties was critical.”

David Richardson, Group Chief Executive Officer at Just Group, said: “We are pleased to have supported the trustees and sponsor of the Ibstock Pension Scheme in their de-risking journey to help members. This is a significant milestone for our Defined Benefit Solutions business. It’s our largest single transaction to date and marks our 200th transaction. We have written over £7.5bn of premiums to secure the benefits of over 30,000 members since we entered the defined benefit de-risking market in 2012.

Latest press releases

Show me all press releases

Pinsent Masons targets transport and mobility market with the appointment of Finance and Projects partner Miguel Nieto in Madrid

Multinational law firm Pinsent Masons has appointed transport and infrastructure expert Miguel Nieto, as Finance and Projects partner in Madrid where he will focus on the growing transport and mobility market.

Pinsent Masons publishes its 2020 pay gap report

Pay gap reporting highlights the value and importance of our drive to promote diversity and inclusion. This year we have opted to report on our disability pay gap for the first time as we underscore our commitment to belonging and inclusion and strengthen our network groups to encourage and champion change for all of our people.

Pinsent Masons advises Sanne Group on first specialised depositary services licence in Ireland

Multinational law firm Pinsent Masons has advised global fund administrator Sanne Group on the first specialised depositary licence to be granted by the Central Bank of Ireland, further enhancing Sanne’s capabilities in Ireland and its multi-jurisdictional proposition for alternative fund managers.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises Redington on deal from Phoenix

International law firm, Pinsent Masons, has successfully advised the founders and management of Redington, the independent institutional investment consultant, on an investment deal from Phoenix Equity Partners, a leading UK mid-market private equity firm.

Pinsent Masons Joins Climate Bonds Partners Programme

International law firm Pinsent Masons has joined Climate Bonds Initiative's Partners Programme, an international network mobilising debt markets to tackle climate change and finance green solutions.

Pinsent Masons advises Canada Life on the acquisition of £875M annuity business from Equitable Life

International law firm Pinsent Masons has advised Canada Life Limited on the acquisition of Equitable Life’s £875m non-profit annuity business.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts