PENSION PARTNERS
FOR LIFE

PIC has provided safety and security through insurance to more than 273,500 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 

What is a pension scam

Anyone can be the victim of a pension scam, no matter how financially savvy they are. It’s important that everyone can spot the warning signs.

Scammers try to persuade pension savers to transfer their entire pension savings, or to release funds from it, by making attractive-sounding promises they have no intention of keeping.

The money is often invested in unusual, high risk investments or can be simply stolen outright.

Some scammers also promise early access to pensions (typically before 55) through ‘loans’ or ‘loopholes’ which could result in you losing all of your money and facing a high tax bill from HMRC. Pensions can only be accessed before 55 in exceptional circumstances.

The Pension Regulators booklet on how to spot a scam and The Pension Advisory Service booklet ‘Scamproof your savings’ give lots of useful information.

How to spot a potential scam

Scammers can use many different methods to tempt people into parting with their pension savings. They usually contact people out of the blue via phone, email or text, or even advertise online. Or they can be introduced by someone you know who is unknowingly being scammed.

Scammers often make false claims to gain your trust, for example claiming to be authorised by the FCA or that they don’t need to be authorised by the FCA because they aren’t providing the advice themselves. Some even claim to be acting on behalf of the FCA or the government service Pension Wise.

Scammers often make false claims or tempt you with special offers such as:

• Free pension reviews
• Higher returns - guarantees they can get you better returns on your pension savings
• Help to release cash from your pension, even though you’re under 55 (an offer to release funds before age 55 is highly likely to be a scam)
• High pressure sales tactics - the scammers may try to pressure you with ‘time limited offers’ or even send a courier to your door to wait while you sign documents
• Unusual investments - which tend to be unregulated and high risk, and may be difficult to sell if you need access to your money
• Complicated structures where it isn’t clear where your money will end up
• Arrangements where there are several parties involved (some of which may be based overseas) all taking a fee, which means the total amount deducted from your pension is significant
• Long-term pension investments – which means it could be several years before you realise something is wrong
• Remote access – scammers may pretend to help you and ask you to download software or an app so they can access to your device. This could enable them to access your bank account or make payments using your card

How to protect yourself against scams

• Reject unexpected offers
  • If you are contacted out of the blue about a pension opportunity, chances are its high risk or a scam. If you get a cold call about your pension the safest thing to do is hang up
  • Be wary of free pension reviews – professional advice on pensions is not free
  • Beware of being talked into something by someone you know. They could be getting scammed too
• Check who you are dealing with
  • Check the FCA Register - Make sure that anyone offering you advice or other financial services is FCA authorised
  • If the firm is on the register, call the FCA consumer helpline on 0800 111 6768 to check the firm is permitted to give pension advice
  • Check they are not a clone - A common scam is to pretend to be a genuine FCA authorised firm (called a ‘clone firm’). Always use the contact details on the Register, not the details the firm gives you
• Don’t be rushed or pressured
  • Take your time to make all the checks you need – even if this means turning down an ‘amazing deal’. Be wary of promised returns that sound too good to be true and don’t be rushed or pressured into making a decision
• Get impartial information or advice
  • You should seriously consider seeking financial guidance or advice before changing your pension arrangements:
  • The Pensions Advisory Service - provide free independent and impartial information and guidance
  • Consider using a Financial Advisor - it’s important you make the best decision for your own personal circumstances so you should seriously consider using the services of a financial adviser
  • Pension Wise - if you’re over 50 and have a defined contribution pension, Pension Wise offers pre-booked appointments to talk through your retirement options

If you are unsure and need some help, please give us a call on 0800 652 7000 (+44 1325 271 860 from abroad).

What to do if you suspect a scam

If you've agreed to transfer your pension or make an investment and now suspect a scam, call us straight away on 0800 652 7000 (+44 1325 271 860 from abroad).

Report to the FCA - you can report an unauthorised firm or scam to the FCA by contacting their Consumer Helpline on 0800 111 6768 or using their reporting form.

Report to Action Fraud - if you suspect a scam you should report it to Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk.

Further information

www.fca.org.uk/scamsmart

Unauthorised firms and individuals | FCA

Avoid pension scams | The Pensions Regulator

https://www.fscs.org.uk/news/fraud/protect-yourself-from-pension-scams

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