Osborne Clarke advises BDO LLP and pension trustee boards on £60m buy-in with Just

Osborne Clarke has advised BDO LLP and the trustee boards of the BDO Pension Scheme and BDO ES Pension Scheme on their £60 million buy-in with Just, a FTSE-listed specialist UK financial services company.

The transaction across both schemes secures the benefits of more than 1,000 members.

The collaborative approach adopted by BDO, the trustee boards and their advisers ensured the buy-in was achieved at an affordable cost and within very short timescales. A joint working group, comprising representatives from BDO, the trustees and their advisers, was established to ensure that the transaction could be completed swiftly and at a reasonable cost.

Osborne Clarke advised BDO and the trustees of both schemes, with a team led by head of pensions, Jonathan Hazlett.

Broadstone, led by head of trustee services, Chris Rice, advised the trustees of both schemes. They provided risk transfer advice as the deal lead, as well as actuarial, administration and investment support under their longstanding appointment.

“We’re delighted to have supported BDO and the trustees in this significant transaction. It’s been truly rewarding to help them achieve an excellent result where all members’ benefits have been fully secured with Just. The transaction was completed quickly and efficiently, thanks to the strong and collaborative working relationships established between BDO representatives, the trustees and their advisers.”

Jonathan Hazlett, partner and head of pensions, Osborne Clarke

“Once BDO indicated its desire to complete a buy-in, I was keen that we moved quickly and assembled a collaborative team to work efficiently to transaction. 

I was confident Broadstone would deliver given our longstanding relationship, and the addition of Tiziana Perrella of Dalriada Trustees and Osborne Clarke really added confidence to the trustee boards in completing this transaction. It was a pleasure to work so collaboratively with our advisers and BDO to achieve their objectives and secure a great result for our members.”

Richard Faulkner, trustee director and chair of both trustee boards

Ranked as a top tier firm by legal directories including the Legal 500 and Chambers UK, Osborne Clarke’s pensions team advises on all aspects of pensions law and practice. The team specialises in pensions risk transfer work including securing members’ benefits with an insurance company as well as superfund transactions, having advised the trustees of the Debenhams Retirement Scheme on its transfer to the Clara Pensions Trust in 2023 and Clara itself on its successful transaction with the Wates Pension Fund in 2024.