The Ultra Electronics Pension Scheme has completed a £250m full scheme buy-in with Just Group, securing the benefits of more than 1,750 members.

Sponsored by UK-based defence and security company Ultra Electronics, the transaction was finalised in June 2025 and covers over 1,000 pensioners and dependants as well as more than 750 deferred members.

Just Group said the deal substantially reduces risk for the scheme while ensuring long-term protection for members’ benefits.

LCP acted as lead risk transfer adviser, with Eversheds providing legal advice to the trustee and XPS serving as scheme actuary.

Just Group received legal advice from CMS.

Just Group senior business development manager, Geraint Jones, said the insurer was “delighted” to secure the pensions of more than 1,750 members.

He explained that Just’s member support package will allow members continued access to regulated financial advice as well as the Pension Increase Exchange option, adding: “The bespoke asset lock solution provided maximum certainty on affordability.

“This deal demonstrates the strength and adaptability of today’s de-risking market, which continues to support schemes of all sizes with varying needs.”

Ultra Electronics UK Holdings Limited CFO, Sven Lewis, described the transaction as the completion of a long-term plan to de-risk the scheme, which had included around £75m of cash investment from Ultra following the group’s acquisition by Advent International over three years ago.

“This deal ensures the benefits of all our scheme members have now been secured for the future,” he said.

Meanwhile, Law Debenture trustee director and chair of the trustee, Natalie Winterfrost, said the buy-in marked a “major milestone” for the scheme.

She noted that security and service for members had always been the top priority, and praised Just’s ability to respond to the scheme’s specific requirements.

“Thanks to strong preparatory work and the high-quality advice we received from our advisers, the process was highly competitive and delivered a positive outcome for both the company and our members,” she added.

In addition, LCP partner, Ricky Patel, highlighted the importance of preparation in achieving attractive pricing and terms.

He explained that developing end-to-end solutions in advance and clearly presenting the scheme’s complexities helped secure “very high” insurer engagement.

“The transaction met the trustee’s objectives across the board, from a complete risk transfer to a perfectly executed asset lock that avoided unnecessary asset trading and costs,” he added.

The transaction follows a series of recent deals for Just Group, including a £23m buy-in with the Welcome Break Pension Plan last week.

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