PENSION PARTNERS
FOR LIFE

PIC has provided safety and security through insurance to more than 225,000 pension scheme members.

An insurance company is required to hold a higher buffer of assets than a pension scheme, meaning that for the duration of your life, funds will always be available to pay your pension. The trustees of your pension scheme may have approached other insurers but ultimately chose PIC as the insurance provider for your benefits.

This is a commitment which PIC takes very seriously and we promise: 

1. To pay you the right benefits at the right time
2. To provide levels of financial security over and above those you received from your former pension scheme
3. To make sure that you receive the highest levels of administrative support available

We are authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA) which means we have to understand at all times the full scale of our commitments and hold more than enough assets to meet them. Our conservative investment strategy means your benefits are secured for the long-term.

The trustees of your scheme have decided that your best interests are served by agreeing to insure your benefits with us. 

Pension Insurance Corporation is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA.

The PRA is the regulator responsible for the authorisation and regulation of large firms such as banks, insurers and major investment banks that are considered to represent the highest risk to the UK market and economy. All firms regulated by the PRA are “dual regulated” in that some activities are also regulated by the FCA.

The FCA is responsible for conduct of business regulation and its role is to ensure that business across the financial service industry is conducted in a way which protects consumers, ensures market integrity and encourages effective competition.

The role of these organisations is to ensure that that UK regulated insurance companies keep their policyholder’s security and best interests at the heart of their decision making. You can find more information at www.fca.org.uk and www.bankofengland.co.uk/PRA

When we committed to insure your benefits, we agreed not only to provide levels of financial security over and above those required by the PRA, but to also make sure that you received the highest levels of administrative support available. 

 As a part of this, we follow the relevant parts of the FCA’s six guiding principles on how we involve our policyholders. These are known as the ‘Treating Customers Fairly’ principles and govern how the FCA communicates with customers, the level of service it provides and the fairness of its products and procedures. Below are the principles as they appear on the FCA website.

Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture

Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly

Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale

Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances

Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect

Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint

We are committed to maintaining these high standards at all times.

Losing a loved one is distressing, and we recognise it can be hard to focus on practical matters like pensions at such a difficult time. We have tried to make the process of notifying us as easy as possible and to help you through the next steps.

The contact details depend on who administers the pension scheme that the policyholder belonged to. For details on who administers the scheme please click here.

Pension scheme is not administered by PIC: 

Please contact the administrators who are responsible for paying the policyholders pension. They will notify us, so you don’t need to worry about contacting us.

Pension scheme administered by PIC: 

If we administer the pension, please contact us using the details below. It’s usually best to call so that we can talk you through the process and next steps. Our call handlers will make everything straightforward for you and will answer any questions you might have.

Phone (Monday - Friday, 8am - 6pm) 

0800 652 7000 (UK Freephone) 

+44 1325 271 860 (from abroad)

Email: enquiries@picadmin.co.uk

Items you will need when you call us (or the Trustee administrator)

Ideally have all the information listed below to hand when you call, but don’t worry if you don’t have everything. The administration team will still be able help you through the process.

• Policyholder name 
• Pension scheme they were a member of  
• Policy number or scheme reference number 
• Date of Birth or National Insurance Number 
• Date of death 
• Details for the policyholder’s spouse or partner (if they have one)
• Also details of any financial dependants (if they have any)
• Contact details for the person dealing with the estate 

The Pensions Advisory Service - is an independent non-profit organisation that provides free information, advice and guidance on pensions.

Phone: 0845 601 2923
Website: www.pensionsadvisoryservice.org.uk

The Financial Ombudsman Service - is an independent expert in settling complaints between consumers and businesses providing financial services.

Phone: 08000 234 567
Website: www.financial-ombudsman.org.uk