The trustee of the Seabourne Pension Scheme has agreed a full scheme buy-in with Just Group, having received support from TPT Retirement Solutions ahead of the deal.

Verity Trustees Limited, the trustee of the scheme, signed the buy-in deal as part of its ongoing commitment to secure the long-term future of members' pension benefits, having selected Just Group based on its status as a well-established, regulated insurance company with a strong financial standing.

The deal means that while the covenant relationship with the sponsor remains in place, the future liabilities of the scheme have now effectively been passed to insurer Just Group, which will guarantee all future retirement payments going forward.

TPT Retirement Solutions helped Seabourne Holdings in developing and delivering its endgame strategy, having provided support to the sponsor since the scheme joined TPT’s Defined Benefit (DB) Master Trust in December 2019.

In particular, the group said that being in TPT’s DB Master Trust gave Seabourne a strong governance framework to oversee its buy-in preparation, as well as providing access to a competitive insurer selection process leveraging the trust’s buying power.

TPT highlighted this as a demonstration of the ongoing support it provides to its DB master trust and multi-trust sponsors, serving as an example of what thorough, rigorous endgame planning can look like.

Commenting on the deal, Seabourne Holdings financial director, Nigel Hudson, said: “We moved to TPT in 2019 in order to address and resolve the future of our final salary scheme.

"With a prospect of improved investment returns through access to larger funds with TPT, they also provided us with a plan to exit the scheme which they have diligently followed enabling us now to reach a solution which meets our needs.”

Adding to this, TPT Retirement chief commercial officer, Nicholas Clapp, said: "We’ve seen a substantial uptick in demand for consolidation over the past year. Joining our master trust can serve as a crucial stepping stone along the path towards a scheme’s ultimate endgame.

"We’re delighted to have supported Seabourne in its own journey. It's brilliant to see that our support over the past five years has led to a tangible outcome which adds value for both the business and scheme members.”

Just Group business development manager, Ross Breckon, also highlighted the importance of preparation, stating that "the level of preparation, governance and oversight by TPT shone through, which facilitated a smooth transaction when the scheme reached buy-in levels and demonstrating the continued strength of the market in delivering de-risking solutions for schemes of all sizes".

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