Pension Insurance Corporation plc (PIC), a specialised insurer for defined benefit pension funds, has successfully completed a £25 million full scheme buy-in with the Trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme.
The buy-in provides insurance coverage for the pension liabilities of 125 pensioners and 107 deferred members who were former employees of Westminster Abbey.
This marks PIC’s second transaction with a part of the Church of England, following a 2015 investment in a long-term £70 million bond issued by the Church of England Pensions Board’s charitable arm to support retirement housing for retired clergy.
John O’Brien, Chair of Trustees for the Westminster Abbey Pension Scheme, expressed his satisfaction, stating, “It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by trustees past and present, which would not have been possible without the Abbey’s diligent support of the Scheme.”
Paul Baumann, Receiver General at Westminster Abbey, shared his delight, saying, “We are delighted that the Scheme has been able to reach this agreement with Pension Insurance Corporation. It is a very positive outcome. Members’ benefits remain safe, and this is a simpler way of managing this pension fund.”
Jay Shah, Chief Origination Officer at PIC, emphasised the flexibility and adaptability of PIC in accommodating transactions of all sizes.
He stated, “PIC is delighted to have worked with the Trustees of the Westminster Abbey Pension Scheme. As many much larger schemes are also seeking to de-risk at this time being able to demonstrate PIC has the flexibility and adaptability to accommodate all sizes of transaction, is most gratifying.”
