The Scandinavian Airlines System (Investments) Limited Pension and Assurance Scheme – SAS Section – has completed a £61.8m buy-in with Just Group.

The transaction, which was completed in November 2025, secures the benefits of 708 scheme members, comprising of 222 pensioners and 486 deferred members.

The scheme is sponsored by Scandinavian Airlines System (Investments) Limited, which has main hubs in Copenhagen, Oslo and Stockholm.

Just Group business development manager, Alma Goyanes-Payne, said that long-term price monitoring via their pricing platform, Beacon, provided the scheme with transparency on cost.

She added: “The scheme was also highly committed to excellent member care, which is also a priority for Just. Working exclusively with the trustees and advisors, we were pleased to deliver an affordable transaction that met all of the trustees’ needs.”

First Actuarial acted as the employee benefit consultant on the transaction.

First Actuarial partner and head of risk transfer, Declan Keohane, commented: “We’ve been working closely with the trustees to improve the outlook of the scheme for several years.

“The trustees were looking for a buy-in, so we all worked around the affordability challenges of the sponsor, an airline that was undergoing a restructuring of its operations and finances.

“The situation called for an agile approach, with iterative negotiations and flexible processes, to secure the benefits for all members without requiring further cash from the sponsor.”

Legal advice was provided to the trustee by Osbourne Clarke LLP and to Just Group by its in-house legal counsel.

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