JUST Retirement Ltd

Albermarle

I have just received a letter from my DB pension ( in payment via Mercer) Trustees to say they will be entering into a Buy IN policy with Just Retirement Ltd. Then at a later stage this will be converted to an individual annuity in my own name, as part of a Buy OUT procedure.
AIUI this is probably a positive development, and is requiring a big injection of cash from my former employer.
However I have never heard of JUST, so wondered if anybody had any experience with them. As well as being involved with these sort of schemes, it seems they also offer financial advice and services to financial advisors.
I was hoping that this would cut Mercer out as the administrator , having not had a great experience with them, but unfortunately it seems not.

Marcon

Albermarle said:

I have just received a letter from my DB pension ( in payment via Mercer) Trustees to say they will be entering into a Buy IN policy with Just Retirement Ltd. Then at a later stage this will be converted to an individual annuity in my own name, as part of a Buy OUT procedure.
AIUI this is probably a positive development, and is requiring a big injection of cash from my former employer.
However I have never heard of JUST, so wondered if anybody had any experience with them. As well as being involved with these sort of schemes, it seems they also offer financial advice and services to financial advisors.
I was hoping that this would cut Mercer out as the administrator , having not had a great experience with them, but unfortunately it seems not.

Just is a very large and well established provider and the trustees of your scheme will have done substantial due diligence  before selecting them (especially in terms of the strength of Just's covenant - ie ability to remain solvent and provide the promised benefits).

The move is indeed positive and increases the security of members' benefits.

Mercer has sold its pension admin business to Aptia: https://www.pensionsage.com/pa/Mercer-admin-business-sale-creates-new-company-Aptia.php#:~:text=A%20new%20company%20called%20Aptia,pension%20administration%20businesses%20of%20Mercer.

german_keeper

My FIL died recently and one of his pensions was with Just. Very impressed so far, form for spouse pension received very quickly, despite it being the Xmas/New Year period, very well explained process and even enclosed a first class reply envelope. Although I would assume this is one situation where you would expect most companies/organisations to have their act together.

flaneurs_lobster

FWIW had dealings with JUST's annuity broking bit, HUB FinServs, recently. Very impressed with their professionalism and the quality of their online services and their documentation. 

dunstonh

However I have never heard of JUST

so wondered if anybody had any experience with them.

Its a big company. They dropped their full name when annuities went out of fashion (Just Retirement) to Just.    They also merged with Partnership some years back but the origins are the old Britannic retirement team.

As well as being involved with these sort of schemes, it seems they also offer financial advice and services to financial advisors.

Yes.  I like it when Just come out top on research.   Indeed, placed some business with them last week.  Very good service standards and unusually, I have had the same broker consultant with Just for over 20 years.   Really nice chap who always goes out of his way to get improved terms or help with complex cases.  Even when they know it is unlikely that Just would come out best in that area.   If you had a scale for service with Mercer at one end then Just would be right up at the other end.

Albermarle

Thanks for your answers. I was not really worried as the Trustees of the pension and the ex employer are of the better sort.
I think I will probably get asked by ex colleagues what I think, so just wanted some confirmation that JUST were OK. 

FIREDreamer

Have taken an RPI JL annuity with Just via Hargreaves Lansdown. Took a while to set up but going fine now.

jamesd

It's also worth knowing that individual annuities have 100% protection from the FSCS. You will get your payments, without doubt.