Just Group has completed a buy-in transaction for Air France’s (UK) pension scheme trustees, covering approximately £32m of pension liabilities and almost 200 scheme members.

This is the scheme’s third buy-in and its second with the defined benefit de-risking, retirement income and care markets firm, following a previous pensioner-only buy-in completed in 2014.

Business development manager at Just Group, Geraint Jones, said: "Just Group is delighted to have had the opportunity to work with the trustees again to significantly de-risk this scheme, providing long-term security to the members of the Air France (UK) pension scheme.

"When a trustee board awards you a further transaction it creates a feeling of pride for the whole team at Just Group. It is a strong endorsement that we are delivering an outstanding service and doing the right thing for members. The transaction demonstrates that well-prepared schemes of all sizes can capture attractive pricing and terms, even in a busy bulk annuity market."

Just Group has completed around 350 transactions, including more than 80 buy-outs and around 50 repeat transactions across 40 schemes, whilst also securing the benefits of around 80,000 pension scheme members, since it launched its defined benefit de-risking proposition in 2012.

The lead transaction adviser was Hymans Robertson, with Pinsent Masons serving as the trustees’ legal adviser.

Chair of trustees at Air France (UK), Gary Barlow, added: "Following very positive management of the Scheme’s asset portfolio recently, the trustees are delighted to have orchestrated this third buy-in further de-risking the scheme and helping to improve the long-term security for all pensioner, active and deferred members. Selecting Just Group for the second time further strengthens the excellent working relationship we have with them."

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