Ibstock conducts second buy-in for $236 million in pension liabilities

Ibstock Pension Scheme, Leicestershire, England, insured £190 million ($236 million) in liabilities through a second buy-in with Just Group following a rise in gilt yields.

The latest deal has helped to cover the liabilities of all plan participants.

"The trustees, working collaboratively with the sponsor, had a strategy of targeting full insurance over the next few years, and we're delighted to have reached that target sooner than expected," said Rachel Tranter, trustee chairwoman of the pension fund, in a news release Wednesday.

"This was a massive team effort from the trustees, the sponsor, all the advisers and Just to be able to transact over a very short time frame with all parties working very effectively together to come up with a workable solution for some of the illiquid assets," Ms. Tranter added.

The transaction follows a £340 million buy-in with Just Group that was completed in 2020 and covered just over 50% of total pension liabilities.

The trustees were advised by consultant Lane Clark & Peacock, consultant Buck and law firm Addleshaw Goddard.

A spokesman could not be immediately reached to provide further details.