Press releases
Pension fund trustees to receive up to £100 billion in deficit payments from sponsors
London, 15 May 2012 – The trustees of defined benefit pension funds could receive more than £100 billion in deficit reduction payments from their corporate sponsors over the next three years, or 13% of UK corporate cash holdings, according to a survey of more than 170 trustees and pension professionals, representing aggregate liabilities of at least £50 billion.
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- Industry
Pension Insurance Corporation insures the Gartmore Pension Scheme
London, 2 May 2012 - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustee of the Gartmore Pension Scheme (“the Scheme”) has entered into a pension insurance buy-in agreement with Pension Insurance Corporation (“PIC”). The transaction covers around £160 million of liabilities and all 600 members of the Scheme. The Trustee was advised by Lane Clark & Peacock LLP (“LCP”) and Sacker & Partners LLP; PIC was advised by Herbert Smith.
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- Clients
Pension Insurance Corporation insures Mercers' Livery Company Staff Pension Scheme
London, 25 April 2012 - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustees of the Mercers' Company Staff Pension Scheme have entered into a pension insurance buyout agreement with Pension Insurance Corporation ("PIC"). The transaction covers around £35 million of liabilities and almost 150 members. Barnett Waddingham advised the trustees.
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- Clients
55% of your salary - the real value of a defined benefit pension
London, 5 April 2012 – A 35 year old joining a Defined Contribution (DC) pension fund today could have to contribute more than 10 (ten) times the annual contributions of his colleague in a Defined Benefit (DB) pension fund to build an equivalent pension at retirement, according to figures published today by Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds.
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- Industry
Pension Corporation announces 2011 annual results
London, 28 March 2012 – Pension Corporation ("PC"), a leading provider of risk management solutions to defined benefit pension funds, today announces the results for its insurance operations and in particular Pension Insurance Corporation ("PIC"), for the 12 months to 31st December 2011.
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- Company Results
Pension Insurance Corporation insures open pension fund in ground-breaking transaction
London, 15 March 2012 - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustees and sponsors of the DENSO Manufacturing UK Pension Scheme and the DENSO Marston Pension Scheme have entered into a ground-breaking pension insurance buyout agreement with Pension Insurance Corporation ("PIC"), which covers accrued pensions and allows members to continue accruing future final salary benefits through insurance policies. The transaction covers around £200 million of liabilities.
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- Clients
Pension Insurance Corporation appoints Mercer to provide pensions administration services
London, 13 March 2012
Pension Insurance Corporation ("PIC"), a leading provider of risk management solutions to defined benefit pension funds, has appointed Mercer to provide pensions administration services for its book of insured business, covering more than 50,000 pension policies. Mercer will provide record keeping, payroll, administration and communication services to PIC.
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- Industry
2012 could be worst year for pension funds, but good year for buy-ins
London, 7 February 2012 – UK defined benefit pension funds may face significant risks in the first few months of 2012, including a third round of Quantitative Easing in February, a potential Greek default in March, and a possible spike in the oil price, due to tensions in the Gulf, reversing the recent fall in inflation, any of which could drive out pension fund deficits, according to the latest Pension Risk Tracker Index published today by Pension Insurance Corporation.
Download accompanying slides here: Pension_Risk_Tracker_Index_Q1_2012.pdf
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- Risk Transfer Index
Pension Corporation: Focussing quantitative easing would benefit pensioners
London, 7 December 2011 – If Quantitative Easing (QE) was focused away from the purchase of long dated Gilts, defined benefit (DB) pension funds would have seen their liabilities rise by only a fraction of the estimated figure of c.£200 billion1, according to research published today by Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds.
Download accompanying slides here: Pension_Corp_-_QEs_impact_on_pension_fund_liabilities_FINAL.pdf.
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- Industry
Pension funds focus on buy-ins as bulk annuity affordability drops
London, 7 November 2011 – Defined benefit pension funds suffered considerably as equity markets plummeted and Gilt yields touched historic lows over the past three months, according to the latest Pension Risk Transfer Index, published today by Pension Insurance Corporation. The possible double whammy effect of Gilt yields falling 30bps and equity markets falling 20%, highlighted in the last Risk Transfer Index, actually took place.
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- Risk Transfer Index
