Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has completed a £6.6 million buy-in for the Primula Limited Pension Scheme, securing benefits for all 74 Scheme members.
Primula, known as one of the world’s first cheese spreads, recently celebrated its 100-year anniversary. The brand is now part of the Kavli Group, a Norwegian food company owned by the Kavli Trust, a charitable organisation that reinvests profits to support research, culture, and humanitarian projects worldwide.
PIC was advised by CMS on the transaction, with the Trustees working alongside Barnett Waddingham, who served as risk transfer advisor and scheme actuary, and DLA Piper.
Sarah Marshall, Chair of Trustees for the Primula Limited Pension Scheme, said, “We’re so pleased to have completed this transaction with PIC, securing the benefits of our members. Working with PIC was smooth, efficient and the team showed how they could fully support our members with strong customer service and financial security, so we know we’ve made the right decision.”
Deepash Amin, Head of New Business Strategy, at PIC said: “It’s really rewarding to have concluded this buy-in at the end of last year, and to kick start 2026 by announcing another exciting new deal. PIC has both the appetite and the ability to transact across the whole market, giving schemes of all sizes an attractive option to achieve their objective to secure their members’ benefits for the long term.
“We look forward to working with the Trustees going forward.”
Adam Walker, Risk Transfer Partner at Barnett Waddingham, said, “We are proud to have supported the Trustees in achieving this buy-in, which secures the benefits for all members of the Scheme. This transaction demonstrates how careful preparation and collaborative working can make a swift risk-controlled execution phase possible. Our thanks go to the Trustees, PIC, and all advisers for their commitment to delivering a smooth and successful outcome.”
