The Chartered Institute of Procurement and Supply (CIPS) Pension Scheme has completed an £11m full-scheme buy-in with Just Group.
The bulk purchase annuity transaction secured the benefits of 24 deferred members and 59 pensioners and dependent pensioners.
K3 Advisory was appointed as risk transfer adviser to the scheme in December 2025, with the deal completed within six months of its appointment.
It said that the transaction had attracted strong insurer interest, with Just Group’s pricing and flexibility allowing the trustee to move quickly to secure members’ benefits.
The scheme, which was in surplus at the point of transaction, was sponsored by non-profit organisation CIPS.
Capital Cranfield acted as professional corporate sole trustee to the scheme, while Capita acted as scheme actuary, investment adviser and administrator.
Stephenson Harwood provided legal advice and Argyll Covenant acted as insurer covenant adviser.
“The successful completion of this buy-in reflects the value of a well-coordinated and efficient approach between the trustee and advisers,” said Capital Cranfield professional trustee, Richard Williams.
“Despite a highly active market, the scheme was able to secure members’ benefits with a competitive insurer solution and move quickly to complete the transaction.”
CIPS finance director, Mark Draisey, said the company was pleased to have completed the deal as it provided long-term security for members’ benefits and demonstrated the positive outcome that can be achieved through strong collaboration.
K3 Advisory senior actuarial consultant, Thomas Crawshaw, added: “Completing this transaction within six months of our appointment demonstrates how smaller schemes can achieve efficient and successful outcomes in a busy market.
“With a focused process and strong insurer engagement, the trustee was able to move quickly to secure members’ benefits with Just.”
Just Group deal manager, Rajan Hothi, commented: "Having been monitored on our pricing platform, Beacon, this transaction was supported by clear pricing visibility from the outset.
“Working in close partnership with the trustee and their advisers, we are pleased to have delivered a solution that supports the scheme’s long-term objectives and will achieve a great outcome for members.”
