From afternoon tea to action – working with trustees to secure member outcomes

Moving to buy-out is more than just a technical transaction. Success comes when trustees, advisers, sponsors and insurers work collaboratively - bringing members along on the journey. With over 50% of DB schemes now in a position to consider de-risking, Just recently hosted our first trustee roadshow series, meeting 45 Member Nominated and Professional Trustees across Edinburgh, Bristol, London and Leeds. Attendees brought insight, curiosity and a shared sense of purpose.

Over a much-appreciated afternoon tea, the format was deliberately conversational. We wanted to create space not just to share updates and expertise, but to listen—to what’s on trustees’ minds, where the roadblocks lie, and how we can work together to smooth the path to de-risking. Feedback from trustees was unanimous: the sessions left them feeling better equipped to oversee a buy-in process. Since then, we’ve been asked to run similar sessions for several professional trustee firms.

A big year in 2024, with high expectations for 2025

Rob Mechem, Just’s Director of DB Commercial, opened each session with a market snapshot—and 2024 certainly delivered headlines. It was the busiest year ever, with transactions across the market, including 129 for Just totalling £5.4bn—a record for both value and volume. And the momentum isn’t slowing.

What’s also shifting is what matters most to trustees. While price remains a core consideration, member experience is climbing fast on the agenda. At Just, we’ve already completed several transactions where our approach to member experience was the decisive factor, not price.

The journey to buy-out – more than just a checklist

While we walked trustees through the four key stages of a buy-in to buy-out journey - starting before the transaction and moving through quotation, data cleanse and final buy-out – it is clear that certain themes are consistent.

Here are the five key takeaways we shared with trustees:

1. Good data is everything

It came up in every conversation: data is the single most important - and most challenging- part of the buy-out journey and in almost every case, delays in the process are concentrated in the data cleanse.

Perfect data isn’t necessary to approach the market or to move to the transaction stage, but if you can start with “clean enough” you’re well on your way. In the first instance, this includes clear, structured data with codified discretions, and up-to-date marital and benefit details. Common mistakes we often see can be as simple as totals that don’t match combined tranche data, or dates provided in inconsistent formats.

The better the first iteration of the data (and it is always only the first iteration – even the cleanest data will have queries), the more accurately the transaction will be priced (with a lower true-up premium), and the quicker you can reach buy-out.

Another data challenge is the GMP equalisation process which can be time consuming and complex so seeking early advice and agreement on methodology can help keep things moving later on.

It's also worth noting that for schemes seeking residual risk cover, data quality becomes even more critical.

2. Your administrator plays a crucial role

Your admin team is your engine room. From preparing data for initial pricing to delivering the full data cleanse, their time and resource are crucial. They also need to be fully briefed on what data was used for pricing, how it’s evolved, and what they’ll need to deliver post-transaction.

Engage early, agree scope and cost of work, and make sure expectations are realistic. If there’s a bottleneck in the process, it’s most likely to be here—so active management makes all the difference.

3. Engage the sponsor and manage expectations

Sponsors are often new to buy-ins and may not appreciate the complexity of what happens after the deal is signed. The post-transaction phase—particularly data cleanse and GMP equalisation—can take 12–24 months, depending on the scheme.

Sponsors need to understand this timeline, their role, and any additional financial implications. Setting expectations early helps avoid friction later, particularly where additional funding or approvals may be required.

4. Establish clear governance and working structures

Strong governance supports fast, effective decision-making. Early on, consider whether the trustee board should incorporate as a corporate trustee, and set up a joint working group with sponsor representatives.

Clear roles and responsibilities—agreed at the outset—help avoid duplication, delays, and confusion. And a joint approach builds alignment and momentum that carries through the full journey to buy-out.

5. Communicate clearly and positively

Communication can make or break member confidence. Start early with clear, positive messaging that explains why the transaction is good for members and what they can expect. Be open about potential changes to factors, or temporary delays to quote turnaround times.

And don’t forget internal comms: keep administrators, sponsors, and advisers regularly updated. The more people feel informed, the smoother the process runs.

Partnering for the long term

Ultimately, the message from our roadshow is simple: this journey takes preparation—but trustees don’t have to do it alone. At Just, we’re here to provide guidance, expertise and support at every stage—from early planning through to final policy issuance.

If you’re considering a de-risking exercise—or are partway through and want a second opinion—we’re always happy to talk. Whether it’s understanding how best to prepare, structuring your governance, or exploring your pricing options, get in touch.

We’d love to help. Maybe we’ll even serve you afternoon tea.