• Worked with Trustees to determine optimal risk profile to transfer

Summary- Cadbury Pension Fund

PIC conducted a £500m Pensioner Buy-in with Cadbury’s. PIC worked closely with the pension fund Trustees to determine the optimal risk profile to transfer.

• Future retirees
• £45m on pre-agreed terms

Summary - London Stock Exchange Pension Fund

PIC worked with the London Stock Exchange to conduct a £158m Pensioner Buy-in. This included £45m on pre-agreed terms and also future retirees.

• 3,000 members insured
• Transaction completed prior to adverse market movement in 2011
• Transaction to buyout completed within 9 months
• Part of the premium met through transfer of company owned assets

Summary- Alliance UniChem UK Group Pension Scheme

PIC worked with Allied Boots to conduct a full Pensioner Buyout on the Alliance UniChem UK Group Pension Scheme. The transaction covered 3,000 members amounting to a £300m full buyout and completed within 9 months.

• Insured portion covers both deferred and current pensioners
• Buyout was completed following an additional payment from sponsoring company

• The company contributed £15 million to complete the transaction
• 800 members

• Full buyout
• Japanese parent company
• All risks, costs and liabilities covered: Data, GMP, legislative, regulatory, trust deed & rules, wind up costs, etc
• Unique structure whereby sponsoring employer exits within days of transaction
• Maintaining on-going benefit accrual for active members rather than transferring them to a DC arrangement

First completed transaction of its kind

• Trustees exchanged gilts for a buy-in
• All pensioners insured

Summary - The Institute and Faculty of Actuaries Staff Pension Scheme

PIC worked with the Institute and Faculty of Actuaries to conduct a Pensioner Buy-in amounting to £16m. Trustees exchanged gilts for the buy-in and all pensioners were insured under the transaction.

• Pensioner buy-in

"We are delighted with the flexibility and responsiveness of the PIC team."

Allan Course, Chairman of the Trustees, Cookson Group Pension Plan

• Full buy-in

"We are pleased that the Trustee of the Gartmore Pension Scheme has entered into this buy-in agreement with PIC, which removes risk from the pension fund and most related risks from our shareholders following the acquisition of Gartmore in 2011."

Andrew Formica, Chief Executive, Henderson Group

• £46m in scheme assets and £15 in company contribution

"Pension Insurance Corporation offers a strong proposition in securing member benefits for the long term…The PIC team was very helpful and constructive in negotiations, helping us to achieve the best overall result for our members."

David Bramson, Chairman of the Scheme, Liberty International Group Retirement Benefit

• Buyout from PPF assessment
• Flexibility to alter benefit structure post-transaction
• Pensions insured: significantly in excess of PPF minimum in each case
• Flexibility to allocate future recoveries from sponsor to uplift benefits

Summary- Alitalia Pension Fund

PIC conducted a full buyout with Alitalia covering a total of £53m. Alitalia was given the flexibility to alter the benefit structure post-transaction. The pensions insured were significantly in excess of PPF minimum in each case. The transaction also allowed the flexibility to allocate future recoveries from sponsor to uplift benefits.

• Full buyout

"Thorn is delighted that members' pension benefits have been secured through this insurance agreement and, coupled with increased member entitlements, believes this deal is the best possible outcome for the group's former employees."

Andrew Gurnham, Director of Thorn Limited

• All risks transfer structure
• 20,000 members insured
• Price locked to the value of the premium assets

• First ever public sector backed scheme

"The transaction demonstrates that it is still possible to complete a successful bulk annuity deal despite difficult markets…Pension Insurance Corporation offered the best solution for Scheme members."

David Ellis, Principle at Mercer

• The UK Can Pension Plan was under the Pension Protection Fund (PPF)
• PIC found an innovative solution to ensure that members received greater specified benefits than those received under the PPF

"We were particularly pleased with Pension Insurance Corporation’s approach of putting members at the forefront of the process. A key factor in the decision of the Trustee to choose Pension Insurance Corporation was its willingness to tailor a solution to make the transition as smooth as possible."

Chris Martin, Trustee to The UK Can Pension Plan (and Managing Director of Independent Trustee Services)

• Full buyout

• Pensioner buy-in

"Pension Insurance Corporation's tailored solutions and competitive financial propositions ensured they were selected ahead of several other insurers."

Ian McGown, Head of Pensions and Benefits at Aggregate Industries 

• Full buyout

"These transactions follow a wide-ranging review of pension risks underwritten by Aggregate Industries and the options available to address them. We are extremely pleased to have completed two complex transactions simultaneously and in such a short period."

Ian McGown, Head of Pensions and Benefits at Aggregate Industries

• Full buyout

"I believe that Pension Insurance Corporation meets our members’ needs for security for the future, and on that basis I am delighted that we were able to appoint them."

David Wadham, Chair of Trustees, Merchant Retail Group Pension Scheme

• Full buyout

Summary- Walthamstow Stadium Retirement Benefits Scheme

Following the closure of the business, based around the former greyhound racecourse, the pension scheme was closed to future accrual. The Trustee concluded that the safety and security of member benefits would be secured through a full pension insurance buyout transacted with Pension Insurance Corporation. The Trustee was impressed with Pension Insurance Corporation's business approach and willingness to do business on competitive terms.  

• Full buyout

"The Trustees are very pleased to be able to announce that we have secured our members' benefits with Pension Insurance Corporation. Along with the security provided by an FSA-authorised insurance company, Pension Insurance Corporation has demonstrated a real focus on looking after our members through its prudent and cautious approach to managing pension scheme assets and liabilities."

James Hyslop, Chairman of the Swan Hill Pension Scheme Trustees 

• Full buyout

Summary- Arnold Laver Pension Scheme 

In the first completed transaction of its kind, a full buyout was conducted whilst the scheme was still in deficit. Premium payments were tied into the company contribution schedule and the transaction allowed for RPI/CPI flexibility.  

• £230m buyout
• Sponsoring company in liquidation

"I believe that Pension Insurance Corporation offers the best opportunity for us to de-risk the pension scheme given the current market conditions, offering the best level of security for the members’ benefits."

Oliver Rowlands, Director, Aon Trust Corporation

• Full buyout

"Although we have been looking at de-risking for some time, we had to move extremely quickly to ensure that we are able to take advantage of significantly improved levels of affordability. The markets have been volatile for some time now and we did not want to miss the opportunity to secure our members' benefits. The PIC team have been very responsive at all stages of this transaction, including our initial investigations into buyout structuring and pricing. We were very pleased and PIC was able to work with us to such short deadlines and ensure we were able to complete the transaction."

David Ryeland, Chairman of Trustees, George Hammond Plc Retirement Benefits Plan 

• Full buyout

"Pension Insurance Corporation's tailored solution and competitive financial proposition helped secure their selection ahead of several other insurers."

Martin Sanderson, Trustee, Nova Chemicals UK Pension Plan 

• Full buy-in

"We are delighted to have completed this transaction. In proceeding with the buy-in, the Trustees have taken similar action to the trustees of many other major UK pension schemes who had completed buy-ins over the last few years. Prior to the purchase was the completion of legal due diligence, which served to confirm material facts in relation to the purchase and the evaluation of the financial strength of PIC."

Peter Rogerson OBE, Chairman of Trustees, ITB

• Full buyout

"PIC has been very supportive and responsive during this transaction, providing a streamlined approach and a structure to help us manage our execution risks within the constrained pot of assets available to us. I am very pleased that we have been able to secure our members' benefits with them."

Esther White, Chairman of Trustees (and also of HR Trustees) 

• Partial buy-in

"This innovative buy-in with PIC has allowed us to achieve our aim of insuring all our pensioners on day one, despite having a small deficit. The deferred premiums will be payable over the next five years, replicating the scheme's funding plan, but removing volatility and risk and providing certainty about pension payments. The PIC team has been flexible and constructive in helping us find an innovative solution to what some considered an intractable problem."

John Carter, Chairman of Trustees, Graham & Brown Retirement Benefits Scheme 

• Full buyout

"The PIC team have been flexible and responsive in helping us insure our members' benefits, especially as we completed this transaction in a shortened timescale. We selected PIC after a competitive process not only because of the way they helped us shape the transaction, but also because they place a high priority on policyholder care and service standards."

Sir Alexander Graham GBE DLC, Chairman of Trustees, Mercers' Company Staff Pension Scheme 

• £210m pensioner buy-in
• Second pension insurance buy-in with the Aon Minet Pension Scheme with the earlier transaction covered pensioner liabilities of circa £100m (2012)
• PIC worked with the trustees to determine an appropriate sub-section of the population to insure with the subsequent transaction covering the total pensioner population.

"We chose PIC following a competitive market review. Our experience with them on the previous tranche and their competitive and flexible proposal for this tranche supported our decision."

Robert Dickinson CBE, Chairman of Trustees, Aon Minet Pension Scheme 

• Premium payments tied into company contribution schedule
• £320m initial pensioner buy-in
• Subsequently agreed insurance for future retirees
• Ability to insure future tranches of pensioners for the next 3-5 years

• Trustees able to defer meeting the potential cost of deflation
• Tailored solution, removed biggest risks, such as longevity, inflation an investment
• Costs of deflation deferred

• Deferred buyout

"Under Citi's sponsorship and also now the PIC insurance solution, the TRN Fund enjoys a level of security to which most other UK pension schemes can only aspire. We believe TRN is a great example of how pension scheme risk management should operate in practice."

Francis Fernandes, Head of Pensions Actuarial, Citi

• Full buyout

"We are very pleased to have completed this pension insurance buyout with PIC. The ongoing security of our members' pensions is of the utmost importance to us as Trustees and we believe that PIC will provide that security for the long term."

John Horrocks, Chair of the Trustees, Inchcape Shipping Services Pension Scheme

• Buy-in covering retired pensioners only
• Step to fully de-risking scheme

"We are delighted to have appointed Pension Insurance Corporation as our partner in this insurance buy-in."

Phil Kelsall, Chair of Trustees, Warwick International Group Pension Scheme 

• First large partial buyout
• Insured liabilities removed from the sponsor’s balance sheet
• Improved security position for non-insured members

Summary- Delta Pension Scheme

PIC conducted a partial buyout (pensioners) with the Delta Pension Scheme for a total of £451m. It insured that liabilities were removed from the sponsor’s balance sheet. This improved the security for the non-insured members.

• Largest ever full buyout, all risks and simultaneous reinsurance of longevity risk
• Covers the benefits of around 26,000 members
• The transaction incorporated an “all risks” structure, in that PIC assumes all risks, including future data corrections, on signing of the contract
• A key feature of the transaction is simultaneous reinsurance of the longevity risk by PIC with Hannover Re, including an unprecedented level of non-retired members

"This has been a complex transaction given the size and history of the Fund. I want to thank…PIC for their hard work and flexibility in securing these pension liabilities for the long-term."

David Jordan, Chairman of Trustees, Philips Pension Fund 

• Trustees keen to take advantage of narrow window of opportunity in the markets
• PIC helped to put the structures in place to allow the Trustees to do so
• Transaction overseen by company founder Tony Watson

"I am confident that we have found the best home for our scheme members. PIC is well known for excellent customer service, both for trustees and for policyholders. My personal experience of working with them has entirely borne this out."

Andrew Barnett, Trustee, Watson Petroleum Limited Retirement Benefits Scheme