PIC, a specialist insurer of defined benefit pension schemes, has completed a £113 million full buy-in with the Steria Management Plan Section of the Sopra Steria Retirement Benefits Scheme, successfully securing the benefits of all 355 Section members.
Sopra Steria is a European technology company operating in nearly 30 countries and employing over 50,000 people, and it is recognised for its consulting, digital services and solutions.
The selection process emphasised not only financial stability but also the quality of long-term member care. David Best, Deputy Chair of Trustees at the Sopra Steria Retirement Benefits Scheme, noted that PIC’s reputation for policyholder service was a deciding factor.
“We’re pleased to have agreed this transaction with PIC, which will secure our members’ benefits for the long term and means that they will continue to receive high-quality customer service,” Best stated.
Deepash Amin, Head of New Business Strategy at PIC, said: “We were impressed with the focus of the Trustees on the member experience as part of the transaction, and we’re therefore delighted to have been selected. PIC is built around the delivery of our purpose, which is to pay the pensions of our current and future policyholders, and we look forward to welcoming the Scheme members in due course.”
CMS advised PIC and legal advice was provided to the Trustee by Gowling WLG.
Maria Greene, CFO at Sopra Steria UK, commented: “We’re pleased that the SMP defined benefit pension scheme has completed a buy‑in transaction, which provides long‑term security for members’ benefits and represents an important milestone for the company.”
