U.K. financial services firm Just Group has made a £1.5 million ($1.9 million) full pension plan buy-in transaction for the trustees of the Intersil Ltd. Superannuation Fund, according to a Jan. 8 news release.
Intersil Ltd. is a subsidiary of Renesas Electronics, a Japanese semiconductor manufacturer. The trustees were advised by professional services firm Aon using its Pathway Service, developed with Eversheds Sutherland for smaller bulk annuity transactions.
Pathway was used in conjunction with Just Group's bulk quotation service.
"Insuring members' benefits has been a key aim of the trustee and company, providing long-term security for their benefits. Intersil was able to complete the transaction efficiently through a hands-on approach from Aon and the flexibility and responsiveness of all parties", said Jo Myerson, chair of trustees for the Intersil Ltd. Superannuation Fund, in the release .
The Just Group claims to have secured the benefits of around 80,000 pension scheme members since it launched a defined benefit derisking proposition in 2012. Defined benefit sales in the first half of 2023 were £1.4 billion, a record first half for the firm.
"We are delighted to have secured the benefits of the Intersil Limited Superannuation Fund, during an extremely busy market. We were able to conclude the transaction very efficiently by using our streamlined bulk quotation service. There is a vibrant bulk annuity market for schemes of all sizes", said Geraint Jones, business development manager at Just Group, in the release.
