are you a policyholder?Policyholder Lounge
are you a policyholder? Policyholder Lounge

Our business

"We have become a leading insurer in our sector because our customers value innovative thinking, flexibility in delivery, high levels of customer service and our rigorous approach to pension risk management."

Tracy Blackwell
Tracy Blackwell Chief Executive Officer, Pension Insurance Corporation

Our purpose

Pension Insurance Corporation purpose is to pay the pensions of our policyholders. We stand for integrity and customer service in securing the risks associated with defined benefit pension funds in the UK.

We are straightforward to deal with and do what we say we’ll do.

View our client case studies Read our customer testimonials

What we do

Pension Insurance Corporation insures defined benefit pension funds in the UK through pension insurance buyouts and buy-ins.

This process:

  • Secures pension benefits to the highest level, within the insurance regulatory framework;
  • Removes risk from those companies responsible for defined benefit pension funds, increasing shareholder value; and
  • Recycles capital back into the economy, helping fund infrastructure projects
Read more about what we do

How we do it

We value our customers (policyholders, trustees and sponsors) and work hard to provide high quality service:

  • We’re committed to managing risk and providing long-term stability and financial security for our customers;
  • We go beyond existing ways of thinking to come up with innovative, personalised solutions and flexible ways to deliver them
Get to know our team

Pension Insurance Corporation ('PIC') is an insurance company authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA. It was established to provide insurance to defined benefit pension schemes.  Pension insurance can provide an attractive option to defined benefit pension fund trustees, beneficiaries and sponsors alike, allowing them to secure for the long-term a scheme's liabilities. PIC has provided safety and security through insurance to more than 130,000 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.

Please contact your administrator and a member of the team will be happy to help. 

Mercer is PIC’s administration partner, a specialist pension administration service provider. They presently pay over £111 million in benefits each month to over 300,000 people in 34 different currencies across 93 different countries.

The dedicated team you will be dealing with at Mercer are based solely in the UK. This means that all phone calls, letters and emails are handled from within the UK. The team are trained in all aspects of administering and supporting pension scheme members and their benefits.

They have all of the information they need to be able to answer any question our policyholders have about their pension benefits including a copy of any policy document or benefit statement you have been sent.

Our policyholders have told us that they want a fast, flexible and efficient service - Mercer is able to provide this. 

Please note that depending upon who your scheme is administered by, the contact details for a complaint will be different.

Pension scheme not administered by PIC:

If your pension scheme is still under Trustee administration, please contact yout scheme administrator in the first instance.

Pension scheme administered by PIC:

We set ourselves high standards, so if you are in any way unhappy or dissatisfied with our service please contact your administrator in the first instance. 

If you contact us with a complaint, we will work with you to try to resolve it by the end of the next business day. If this isn’t possible we will:

  • Issue you with an acknowledgement letter summarising your complaint within two working days.
  • Investigate your complaint and send you a final response as soon as we can. If we are unable to send you a final response within four weeks we will send you an update.
  • If we are unable to send you a final response within eight weeks of receiving your complaint we will write to you explaining why and tell you when you can expect a final response.

If you are not happy with our response, or we have not responded within 8 weeks you have the right to refer your complaint to the Financial Ombudsman Service, free of charge.  Contact details are shown below: 

Address:         
The Financial Ombudsman Service
Exchange Tower
London
E14 9SR

Phone: 08000 234567

+44 20 7964 0500 (from abroad) 

Email: complaint.info@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

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.pensionadvisoryservice.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

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