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Just looks to save more costs on drawdown business

Pension provider Just has said there is “scope for further cost reductions” in its loss making UK income drawdown business after already slimming down its operations in the area.

Ahead of its AGM today, Just says that other loss-making initiatives such as its US care business which have also recently been “rationalised” form part of its plans for further focus on cost efficiency too.

Directors’ short term incentives this year are linked to capital management, the firm adds, and the board have all increased their shareholdings while the search for a new permanent chief executive is “expedited”.

A new chief financial officer, Andy Parsons, will also be joining the group, after having headed up LV=’s finance operations since 2017.

Just chairman Chris Gibson Smith says: “My focus is on maximising shareholder value, with no options excluded. This can now be done from a position of increased regulatory clarity, greater capital strength, a valuable new business franchise, all under the leadership of a strengthened management team.”

Interim group chief executive officer David Richardson says: “We have a good business which is performing well commercially and operationally. We have a strong position in attractive markets and will use these positive market dynamics together with our market-leading expertise to reduce new business capital strain. 

“At the same time as developing our strategic and business options, we are sharply focused on using our existing capital base wisely and are committed to achieving capital self-sufficiency by 2022.”

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