Specialist insurer PIC has completed a £213 million full buy-in with the Trustees of The Siemens Healthineers Benefits Scheme in the United Kingdom, securing the benefits of 703 pensioners and 967 deferred members and dependants.
Siemens Healthineers supplies healthcare equipment and services, including imaging, diagnostics, cancer care, and minimally invasive therapies, powered by digital technology and AI, in over 180 countries.
In the UK, the company has about 2,600 employees, partners with the NHS and private providers, and is investing more than £300 million in UK manufacturing and innovation between 2024 and 2027.
Adam Dann, Senior Origination Actuary at PIC, commented: “We’re pleased to have secured this transaction with Siemens Healthineers. Having the flexibility to accommodate clear, precise requests from trustees of schemes of all sizes is something we’re proud to be able to do and in this particular transaction, it was the key to success.”
Ann Rigby, Chair of Trustees at Siemens Healthineers UK Benefits Scheme, stated: “We’re delighted to have completed this deal with PIC, securing for the long-term the pension benefits of our members in the UK. A key selection criterion for our Scheme was to preserve the options currently available to our members with our chosen insurer.
“Retaining these options is a significant advantage for our members. PIC’s focus on policyholder experience and outcomes fully aligned with this objective, giving the comfort that our members will continue to receive these hugely valued options at retirement.”
Matt Cook, Associate Partner at Aon, said: “This transaction is a great example of what can be achieved through clear objectives, strong governance, and early engagement with insurers. This project was focused on delivering certainty for the Trustees and preserving bespoke member options. PIC’s collaborative approach helped to achieve both and enabled us to support the Trustees throughout this important transaction.
Pinsent Masons provided the Trustees with legal advice, while HSF advised PIC.
