The pension scheme backed by the Mabey Holding Group,a UK-based construction firm, has struck a £94m ($120m) buy-in transaction with Just Group.
The deal was completed in three months and follows a series of transactions for Just Group which has struck a £40m deal with BUT Retirement Benefits Scheme, and a £190m buy-in for the Ibstock Pension Scheme; the second one between the two firms.
The Mabey pension scheme has 1000 members. Mabey Holdings, was advised by pensions management firm Isio on the deal. Isio also advised Zedra Governance, the scheme’s trustee.
Osborne Clarke was legal adviser to the trustee and First Actuarial were the scheme actuary and administrators of the scheme.
Just Group said in a statement about the transaction that the Mabey deal demonstrated the vibrant nature of the sector for deals of all sizes.