The Church of Scotland Pension Scheme for Ministers and Overseas Missionaries has finalised a £220m buy-in with Just Group, securing the benefits of 2,800 pensioner and 700 deferred members.
This is the third transaction of its kind between The Church of Scotland Pension Trustees and Just Group, after two transactions totalling a combined £75m were completed in December 2024.
The Church of Scotland Assembly Trustees chief officer, Rev Norman Smith, commented: “We welcome this significant step forward in securing the retirement benefits of the members of the three pension schemes.
“Reaching this milestone reflects our long-standing commitment to those who have served the church, and we are grateful to everyone involved in bringing this to fruition,” he said.
Commenting on the process, The Church of Scotland Pension Scheme for Ministers and Overseas Missionaries chair of trustees, Lin Macmillan, explained the trustees prioritised a competitively priced way to reduce pension risk, alongside partnering with an insurer committed to sustainability and member experience.
Building on previous deals with Just, she said the trustees felt confident in working with the insurer again to achieve long-term financial security for members.
Just Group senior business development manager, Geraint Jones, added: “We have enjoyed working with the scheme’s trustees, in-house team and LCP on the previous buy-in transactions, and are proud to have been selected again for the remaining Church of Scotland scheme.”
The trustees received transaction advice from LCP, legal advice from Addleshaw Goddard LLP and Burness Paull LLP, and actuarial and investment advice from XPS Group.
