Reimagining the data journey: how insurers can lead the way
What if insurers could do more to speed up the path to buy-out?
That was the focus of Just’s recent webinar, Reimagining the data journey: an insurer-led approach, where we explored how new models for data cleanse and GMP equalisation (GMPe) could unlock faster, more certain outcomes for trustees and sponsors.
Hosted by Just’s Andy Fryer and Lauren Ramsey, and joined by Nadeem Ladha (Aretas Trustees) and Sara Chambers (Gowling WLG), the session offered practical insights from our pilot transction with the Ridsdale Pension and Death Benefit Trust (Project Cicero), and sparked a wider conversation about the future of the Defined Benefit (DB) market.
Here are some of the key takeaways:
Data cleanse remains a critical bottleneck
The post-transaction onboarding and buy-out phase can stretch to two or even three years, with data issues often the biggest contributor to any delays.
While insurers can’t control everything, Just is exploring new ways to reduce that timeline by taking a more proactive role that leverages our experience from 100s of transactions and the technology available today. We believe earlier insurer involvement in data quality could meaningfully accelerate progress to buy-out.
Project Cicero proves what’s possible
In late 2025, Just completed a £7 million buy-in for the Ridsdale Pension and Death Benefit Trust - a 30-member scheme with no prior GMPe preparation work undertaken and reasonably clean data.
The transaction was designed as a pilot to test insurer-led data cleanse and GMPe, with two clear goals:
• Speed up the journey to full buy-out (targeted for summer 2026)
• Provide certainty on costs, including a reduction by removing ongoing scheme expenses more quickly
Working with Aretas Trustees and legal partner Gowling, Just took on defined elements of the data cleanse, GMPe, while maintaining a clear framework of roles, responsibilities and safeguards.
A new model: insurer-led solutions
Data cleanse
Just is leading on data and benefit checks, filling data gaps, and will deliver detailed trustee reporting. Trustees retain key decisions-making responsibility, while a data indemnity from buy-out was agreed to ensure accountability.
GMPe (current members)
We underwrote the GMPe liability at quotation and will provide dual-records installation via our third-party administrator. A key innovation is the ability to execute GMPe post-buyout, enabling Just to meet the 31 August 2026 deadline with confidence.
GMPe (historic transfers)
Just is acting as the calculation engine, with trustees retaining the responsibility to trace and pay top-ups during the data window. Just is also offering missing beneficiaries cover post-buyout, with costs pre-loaded into the premium.
Clear benefits for all parties
The Trustees entered the transaction with three goals: insure the right benefits, remove market risk quickly, and achieve full buy-out by late summer 2026 to meet corporate objectives. The insurer-led approach helped deliver against all three.
This model also enhanced visibility for the sponsor, and enabled faster, more confident decision-making across all stakeholders.
Looking ahead
While insurer-led solutions won’t be right for every scheme, Just believes there is a clear opportunity to reshape how the industry approaches data quality and GMPe for schemes working towards buy-out.
In 2026, we’ll continue to test and refine this model, working with partners who share our appetite for innovation and our belief that better outcomes are possible when insurers lean in earlier.
If you’d like to explore this approach for your scheme, please get in touch.