Hymans Robertson leads advice on £5mn buy-in between the Bournemouth Transport Pension Plan and Just Group

The Bournemouth Transport Limited Pension Plan (the Scheme), has agreed a buy-in with Just Group plc (Just) with a total premium of around £5 million.

The Scheme entered a Pension Protection Fund (PPF) assessment period on 29 July 2022 when Bournemouth Transport Limited went into administration. Bournemouth Transport Limited, a small local business, operated under the name Yellow Buses serving Bournemouth, Christchurch and Poole.

The deal, securing both pensioner and deferred liabilities of 100 members, was completed in April 2025. Under the buy-in the members will receive benefits at, or above PPF compensation levels.

All members will continue to receive at least their current PPF levels of compensation and the exact outcome for each member will be confirmed when the buy-out occurs. This is expected to happen during 2026, as further work is required before the Scheme can be fully transferred to Just.

Open Trustees acts as sole trustee to the Scheme. Open Trustees is an independent entity but is wholly owned by international law firm, Osborne Clarke LLP. 

Open Trustees was advised by Hymans Robertson LLP as lead risk transfer advisor, Spence & Partners Limited as administrator and Gowling WLG LLP as legal advisor.

Jonathan Hazlett, Managing Director of Open Trustees, said:

 “Entering into this buy-in policy with Just is a good outcome. It is well known that the insurance market is extremely busy at the current time with many much larger schemes looking to de-risk. It can be very challenging to secure member benefits for smaller schemes and PPF plus transactions can be complex. Notwithstanding this, Just has shown that it is able to accommodate deals of all sizes and complexity. Many members will now receive higher benefits than they might otherwise have expected had the Scheme entered the PPF. I’d like to thank everyone involved, including the support provided by the PPF, in completing this transaction.”

Dan Collins, PPF Relationships manager, said:

“We’re pleased to have achieved a really positive result for members of the Scheme. Securing benefits for schemes without ongoing employer support highlights the strength of collaboration across our panels and our commitment to delivering the best possible outcomes for schemes that enter PPF assessment. We’ll continue to work closely with our advisers and Just in supporting members throughout the transition to buyout.” 

Emma Horsfield, Risk Transfer Specialist at Hymans Robertson, said:

“We’re proud to have led the advice to the Trustee on this transaction, which secures members’ benefits at, and for many, above PPF compensation levels. For smaller pension schemes, it is important to focus on getting the best value out of what can be, at times, a challenging market. This excellent result reflects the strong collaboration between all parties involved, particularly Just’s flexible and pragmatic approach, which was key in delivering the best possible outcome for the members of the Scheme. We look forward to continuing our work over the months ahead with the Trustee, Just and the wider advisory teams to secure the benefits for members.”

Geraint Jones, Business Development Manager at Just, added:

“We’re pleased to be able to provide pension security for the members of the Bournemouth Transport Limited Pension Plan. PPF plus transactions can be complex but, by working collaboratively with Open Trustees, Hymans and Gowling, we have been able to provide a positive outcome for the Scheme members and establish a proven approach to help other smaller PPF plus schemes transact efficiently. This transaction demonstrates Just is supporting schemes with a variety of requirements and complexity in a market that is operating effectively for schemes of all sizes.”

 

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