Miracle Garden Care insures $66 million in liabilities with Just Group

Miracle Garden Care Pension Scheme, Manchester, England, insured £49 million ($66 million) in liabilities through a buyout with Just Group, a spokesman at Mercer, adviser on the deal, confirmed.

The pension fund's first risk transfer deal covered all liabilities of the plan's 140 retirees and plan participants yet to retire.

"The client had seen improvements in their funding levels over recent years, and we identified an opportunity to fully secure the benefits with an insurance company," the spokesman said.

"The insurer pricing backed this up and we proceeded to work with the trustees to select an insurer and secure the buy-in," he added.

Trustees were also advised by law firm Eversheds Sutherland. Law firm Pinsent Masons provided legal advice to Just Group.

"With sufficient assets to fund a full buy-out, our focus was to select an insurer who would really look after our members when the buy-out is complete. The strength of Just's member service proposition secured the deal and I am confident we have secured a good future for the scheme members. I look forward to working with their transition and customer service teams during transition and on our journey to winding-up the scheme," John Starling, chairman of trustees at Miracle Garden Care Pension Scheme, said in a news release.