Pension Insurance Corporation (PIC), the specialist insurer of UK defined benefit pension schemes, has completed transactions with total premiums of £1.5 billion, marking a “strong” start to the year, in the firm’s first quarter of 2024 results.
A recent trading update that was published on the London Stock Exchange, shows that PIC completed five new business transactions during the first three months of 2024.
This includes the £870 million full buy-in of the De Beers UK Pension Scheme, which we reported in early April. As well as the full scheme buy-in with the Trustee of the 2013 Next Group Pension Plan for £510 million.
Moreover PIC also posted a solvency capital ratio of 212% in Q124.
The firm also recently launched Mosaic, a streamlined service for small pension schemes looking to complete a buyout.
The new service will offer price monitoring as well as standard processes and contracts to give schemes a straightforward, efficient way of securing their members’ benefits with PIC.
Tracy Blackwell, CEO of Pension Insurance Corporation plc, commented: “PIC has had an excellent start to the year, both in terms of helping trustees secure the pension benefits of their members and as we continue to invest in the economy. At the same time, we were very pleased to be recognised again for the quality of our customer service, when we were re-awarded ServiceMark with Distinction.
“We were delighted to launch Mosaic, our streamlined buyout service for small schemes, helping to meet the growing demand in that sector of the market. It’s clear that the pension risk transfer market is dynamic and innovative as it evolves to meet the needs of trustees of schemes of all sizes. In turn, this will help meet the investment needs of the country over the course of this decade.“
