LONDON, 25 February 2026 – Aon plc (NYSE: AON), a leading global professional services firm, has advised the Mouchel Business Services Limited Pension Scheme (Money Purchase Section) (MBS-MP), sponsored by Kier Group Limited, on a transaction to secure all members’ benefits with Just Group, supported by the Smart Pension Master Trust.
The Mouchel Money Purchase Section was a defined contribution arrangement with a defined benefit underpin. This underpin was a promise that the scheme would ‘top up’ members’ benefits if the value of their defined contribution pot was not sufficient when they reached retirement.
The practical complexities associated with this benefit underpin made it challenging to secure an insurance solution for the scheme. The underpin could not be secured in its existing state, so a change in the form of members’ benefits was facilitated, with members consulted and support provided in the form of access to educational material and independent financial advice. The transaction also includes a pre-planned accelerated move to full administration, with Just’s partnership with Smart Pension allowing different parts of members’ benefits to be managed in a linked service.
Aon provided a full range of services to enable the transaction, including strategy advice and project management, risk settlement broking, member options support and guidance, as well as defined contribution investment advice.
Russell Powles, associate partner and head of Aon’s underpin team, said:
“This is a fantastic outcome for the scheme and its 220 members - and only achieved by working closely with Vidett, the scheme trustees, Kier Group Limited and Just. The project involved a complex underpin scheme that required an innovative and collaborative solution with Just, and which was led by Aon’s specialist underpin team, combining expertise in member options and risk settlement.
“Communications and member options support were vital to the success of the exercise. Members were provided with paid-for independent financial advice which - prior to the transaction - helped them to consider their options and to choose the shape of benefits that would best suit their needs.”
Curtis Mitchell of Vidett, said:
“On behalf of Vidett and the Trustee we are very pleased to complete this transaction which secures the benefits of the scheme’s 220 members.
“Due to the complexity of the scheme, this was no normal risk transfer exercise. Aon was instrumental in ensuring that the exercise was completed to plan, in line with our objectives and providing or arranging all necessary requirements for the project. The project also required a significant level of legal advice, provided by Hogan Lovells. This legal advice was concise and delivered on time, which was important for ensuring the project progressed as desired.
“Kier Group Limited also played a fundamental role in the transaction, supporting the Trustee throughout.”
Jas Bhogal of Kier Group Limited, said:
“This was a very complex piece of work, with several workstreams. The technical expertise provided by all of the consultants in our working group was invaluable in completing this project on time and in achieving good outcomes for the members of the MBS-MP scheme.”
Geraint Jones, senior business development manager at Just, said:
“We’re pleased to have secured the benefits of all the members of the scheme. By working closely with Aon’s specialist underpin team, we were able to support an innovative solution that unlocked the potential for members’ benefits to be insured and provides long-term certainty. Key to delivery was our Beacon pricing service which facilitated ongoing price monitoring during the pre-transaction process. This transaction is a positive development for trustees and sponsors who are looking to insure similar schemes that have defined contribution benefits with defined benefit underpins.”
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