ULTRA ELECTRONICS PENSION SCHEME BENEFITS SECURED BY £250 MILLION DEAL WITH JUST GROUP
Ultra Electronics (“Ultra”) is delighted to announce today that retirement specialist, Just Group (“Just”), has completed a £250 million Bulk Purchase Annuity (“BPA”) transaction, which will secure the benefits of 1,750 members of the Ultra Electronics Pension Scheme (“the Scheme”).
Ultra, a UK-based defence and security company, confirmed that the Just arrangement was concluded at the end of June and will provide long-term security to all 1,750 members of the pension plan in their retirement. It follows £75 million of investment from owners Advent into the scheme and is the latest in a series of steps taken by Ultra and Advent to de-risk the pension scheme and ensure the best outcomes for Ultra’s pension scheme members.
Sven Lewis, Chief Financial Officer of Ultra Electronics, said: “This announcement is very good news and ensures that the benefits of all the members of the Scheme have now been secured. Since Advent’s acquisition of Ultra three years ago, we have had a clear plan to de-risk the pension scheme, which has included c.£75 million of cash investment from Advent into the Scheme. The deal with Just completes that process and delivers long-term security for all our pension fund members.”
For further information, you can access Just’s announcement here: https://www.justgroupplc.co.uk/~/media/Files/J/Just-Retirement-Corp/news-doc/2025/250916-just-group-completes-250m-full-scheme-buy-in-for-the-ultra-electronics-pension-scheme.pdf