Enhancing our capacity to fulfil retirement journeys for trustees and their members

At the end of 2023, one thing was clear: Just was growing fast. That year, we had completed more transactions than ever before (80 in total, with a combined value of £2.4 billion) and we had every reason to believe 2024 would be even busier (it was – 129 transactions with a total value of £5.4 bn).

This strong growth is something we’re proud of. But it also comes with a responsibility to maintain the high service levels our clients expect, to ensure we can scale in a sustainable way, and to keep identifying and managing potential risks in our model before they impact our schemes or members.

One of the key areas where we’ve needed to think differently is administration. Our existing administration approach worked well – a ringfenced, carefully trained team from a single specialist third party administrator (TPA), with high expectations for service levels that ensured service consistency, member confidence and smooth transitions to buy-out. This has always been crucial, not least because our members see and interact with Just, even if it’s actually a TPA doing the work.

But volumes have increased. As the number of deals went up, so has the number of schemes in transition, and ultimately, that will reach buyout. While data cleanse and scheme readiness can make this process a little slower, we’ve seen consistent increases in the number of schemes completing their de-risking journey, and by the end of 2025, more than 70 schemes will have gone through to onboarding this year – our highest number yet. This momentum is key to our success and reflects our continuous efforts to ensure we are prepared in advance to manage these increases and to deliver the high level of services expected from both our Trustee clients and our members. Continuing to rely on a single TPA was no longer best practice.

That’s why, after a comprehensive review, we’ve introduced a panel structure for our TPAs. This will give us greater capacity, flexibility and resilience, while preserving the high standards and service model that set us apart.

Strengthening our model, not replacing it

For many years, we’ve worked in close partnership with Aptia to deliver scheme administration. As one of Aptia’s largest and most strategic clients, we’ve built a collaborative and effective relationship that supports quality at scale.

That relationship remains essential to us and Aptia is an important partner as part of our new panel. The team delivers excellent outcomes for both members and trustees via a dedicated, ringfenced team of over 30 people who operate as an extension of Just. Our service levels are higher than in the general market – typically close to 100% SLA achievement - with teams fully trained not just on our systems and processes, and also able to deliver for all members, including vulnerable ones.

But as our pipeline has grown, our needs have evolved. In particular, we’ve needed to reduce concentration risk, broaden our skills base, and ensure we have the administrative headroom to keep delivering on service, even as we continue to grow.

Selecting the right partners for the next phase

Our decision to move to a panel model was not taken lightly. We began by looking at our future pipeline, buy-out expectations, and internal operational forecasts. From there, we defined the capabilities and characteristics we needed in a panel partner, starting with cultural alignment and a shared commitment to member service.

What we were looking for wasn’t simply capacity. It was the ability to replicate the unique service model we’ve built with Aptia including dedicated teams, rigorous SLAs, and seamless integration with Just processes and values so that members can feel confident they’re seeing and speaking to Just at every step of the process. That means acting as an extension of our own team.

We also wanted to bring in complementary skills and experience. As we see more schemes with niche requirements, compressed timelines, or legacy system challenges, we need TPAs that can apply tailored thinking and agile solutions, while still operating within a controlled, high-quality service environment.

Broadstone and Quantum were both selected after a rigorous review process. Both demonstrated a clear understanding of our expectations, and both committed to building Just-specific teams with the right technical skills and service mindset. Their ability to grow with us while maintaining the consistency and care our members expect was another critical part of the decision.

The result: a stronger foundation for future growth

Our new TPA panel, consisting of Aptia, Broadstone and Quantum, is now fully in place with both of the new TPAs currently onboarding schemes they’ll be responsible for. Each of these firms is an expert in pension administration, offering a full suite of solutions to meet all of Just’s, and our schemes’, needs and will work with us to deliver the same high-quality service that trustees and members already know and trust. And each is supported by a governance and oversight structure that ensures transparency, consistency and continued service excellence.

For schemes and members, the experience will remain seamless. All contact will still come through a single, familiar Just entry point. All support will be delivered by trained teams aligned to Just’s values and processes and acting as if they are part of Just. And all SLAs will continue, ensuring that high standards of service are maintained.

But behind the scenes, this is a significant step forward. By reducing concentration risk, expanding our resource base, and matching scheme requirements to specific strengths within the panel, we are creating a scalable, resilient platform for the future. That means we can grow with confidence and trustees can remain confident that we’ll continue to deliver the service, security and outcomes they expect.

Looking ahead

We know that successful administration is one of the most important aspects of a positive de-risking journey. It’s what supports the final transition to buy-out and shapes the long-term member experience.

By formalising our panel model, we’ve strengthened our ability to deliver that experience at scale. We’ve future-proofed a critical part of our business. And we’ve reinforced what has always been our core priority: doing right by the schemes and members who put their trust in us.