If you look at the reasons why eventually we ended with PIC, values was one of the key points. Essentially, the guys we met and the organisation had the same feel as ours. They spoke straight, they said things as they were, they didn’t use jargon, and we felt that it was a company we could do business with."Geoff Matthews Leaf CEO and Chairman of the Leaf UK Pension Trustees (Buyout 2013)
Siemens is the sponsor of several DB schemes in the UK. There is an overall aim to de-risk the schemes in the medium term. Siemens’ Pension Captive Program, in collaboration with PIC, is an important and innovative part of the de-risking strategies which works on a local level as well as at the Siemens group level."John Smith Head of Pensions at Siemens plc
They’ve got a great team. We think we work really well. My philosophy is very much one that I want everybody to work as a team. Our pension scheme, to make it work, relies on lots of input from lots of people. PIC now are a big input into that."Lester Farrant UK Group Pensions Manager for Total (buy-in announced 2014)
The agreement with Pension Insurance Corporation is an important step in our overall strategy to de-risk the London Stock Exchange Retirement Plan. We are very pleased with the outcome and look forward to working with PIC."Doug Webb, Chief Financial Officer of London Stock Exchange Group Plc (buy-in announced in 2011)
…we were able to run a competitive process to choose an insurer which demonstrated value for money, financial strength and strong operational credentials. PIC met these requirements and provided a flexible, innovative solution."Richard Stephens Toray Textiles Europe Ltd (buyout announced June 2011)
It is not often, in the world of finance, that you come across people with whom you can both negotiate hard and enjoy the process at the same time!"CEO Unnamed client sponsor of pension scheme PIC insured in 2010
We have been really delighted to work together with the PIC team in the [unnamed] pension scheme buyout. Your team is very talented and highly professional…"CAO Unnamed sponsor of pension scheme PIC insured in 2010
We have been delighted to work with PIC to implement an innovative long-term solution to the Scheme for the benefit of the members. At the same time it allows us to focus on the continued expansion of our business and remaining pension scheme arrangements."Mark Bower Company Secretary, Arnold Laver (buyout announced 2010)
PIC has been both flexible and proactive in helping us achieve our goals."Iain McCombie Chairman of Trustees, Total UK Pension Plan (June 2014)
…we are grateful to the PIC team who really pulled out the stops to make sure that all of our goals were met…"Clive Gilchrist Chairman of the trustee company of the EMI Pension Fund (buyout February 2014)
We were very pleased with the flexibility and innovation that PIC showed in the completion of the initial pension insurance buy-in. We continue to…manage a gradual de-risking of the plan and the approach we developed with PIC… enables us to achieve this. We are delighted to have locked in pricing for the first tranche of retirees. This removes volatility from the plan and allows us to develop our future strategy with confidence."Allan Course Chairman of the Trustee of the Vesuvius UK Pension Plan
This has been a complex transaction given the size and history of the fund. I want to thank Philips for their support and pic for their hard work and flexibility in securing these pension liabilities for the long-term."David Jordan, Chairman of Trustees, Philips Pension Fund (£2.4 billion buyout)
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 at Watson Petroleum Retirement Scheme (£30 million buyout)
These transactions follow a wide-ranging review of the 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. 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
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, Chairman of the ISS Trustees (buyout announced 25 Jan 2010)
Although we have been looking at de-risking for some time, we had to move extremely quickly to ensure that we were 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 that PIC was able to work with us to such short deadlines and ensure we were able to complete the transaction."David Ryeland, the Chairman of Trustees of the George Hammond PLC Retirement Benefits Plan
We have been impressed with the professionalism and flexibility of Pension Insurance Corporation’s team in helping us to achieve this successful buyout."Chairman of Trustees of the Honda Pension Scheme (buyout announced 31 January 2011)
It has been a pleasure dealing with PIC and I would have no hesitation in recommending (them)."Unnamed Chairman of Trustees, buyout, Q2 2012
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 DCL, Chairman of Trustees of Mercers’ Company Staff Pension Scheme
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, of the Graham & Brown Retirement Benefits Scheme
The PIC team were positive and flexible in helping us achieve our goals."Steve Delo of PAN Governance, Independent Chair of Trustees of the NSPCC scheme
The PIC team were flexible and proactive in helping us arrange this transaction, which puts us on a firm financial footing for the future and allows us to focus on what matters most to us – our world-leading cancer research."John Roberts, Chair of the Board of Trustees for the ICR Pension Scheme
Arnold Laver has a well deserved reputation for looking after its employees and I am very pleased that we have been able to work with PIC to structure an insurance solution for our pension scheme which brings safety and security to member benefits, but also works within the scheme's existing recovery plan."Nigel Petrie, Chairman of Trustees of the Arnold Laver Pension scheme, said
We were looking for an insurer that would really value the members and take care of the members going forward….so a lot of our questioning when people came in for the evaluation was around that ‘member care’, as I would call it. There was no doubt that PIC scored very, very highly, because we drew up a matrix of things that we were going to measure. As I said, price was just one of those, but on the member care the others just couldn’t touch PIC…. If PIC had been slightly more expensive than our competitors but we had still felt they were the only ones who had demonstrated that to us, I think we would have still gone with them."Teresa Maclagan, Trustee of the NCR Pension Plan
I was a member of the Thorn pension scheme, which I joined in 1992. PIC insured my benefits as part of the full buyout of the scheme in 2008. The transition from pension scheme member to policyholder was excellent. I was kept well informed at all stages and PIC’s correspondence contained the salient facts not buried in lots of waffle. I wasn’t concerned about the move to an insurance company because I felt my pension would be better protected. I find PIC refreshingly easy to deal with. I have never had a problem contacting PIC personnel and it’s so good to speak to actual human beings instead of automated machines. I have been to several of the complimentary events which PIC puts on for its policyholders. I like these events because of the willingness of PIC staff, including senior management, to interact with their policyholders. This really makes their service levels stand out from other companies. In fact, I cannot think of any companies I deal with (large or small) where I achieve such a high level of interaction. It really makes you feel like you’re a person, not just a name and policy number. Outside of these events, I find there is easy access to staff at Head Office when you have queries and I always receive a prompt and helpful response. To me, a company can be the best in the field without being a household name….pauses To Open The Golden Envelope: the OSCAR for " Best Company – Customer Service " goes to…PIC."Yvonne Former Thorn pensioner and proud PIC policyholder
I have been a policyholder with PIC for about six months since the Imation pension scheme, of which I was a member, was bought out. We were both a little concerned when we found out what was going on, but the transition was very smooth and we were kept well informed by PIC of what was going on. I was particularly delighted that PIC uncovered, and corrected, quite a substantial error in the amount of money I had received over the 13 years since I retired. Over the years my pension has been paid by at least three other companies and PIC is the only one to have spotted this anomaly, so I am very grateful to them. My wife and I recently attended one of the complimentary Christmas lunches PIC puts on for its policyholders. It was such a pleasant surprise to receive the invitation, which enabled me to meet up with an ex-colleague and his wife who I had not seen for years. I feel my pension is now in good hands. I am impressed with the service PIC has provided me up until now and hope that this will continue for many years to come. I would be very happy to recommend PIC."Robbie Former Imation pension scheme member and his wife Sue
I have been a PIC policyholder since November 2015. I am impressed at the very efficient way PIC has handled the transfer from my former pension scheme, SR Technics. I wasn’t particularly concerned about my benefits moving from a pension scheme to an insurance company, but nevertheless I was pleased that the information PIC sent to me about the process was easy to read and understand."Bernard Former SR Technics Pension Scheme member and PIC policyholder
My wife and I would just like to send our thanks for a great day in London with you and at the Christmas Ideal Home show. We enjoyed hearing how PIC is doing and in some ways you give us an insight into what lies ahead in the future of the world and its problems. We obviously talk about the pension to others in a very positive way."PIC policyholder attendee at the London Policyholder Day 2015
I just wanted to say a big ‘thank you’ to you for the invite to this, and to say how very enjoyable it was. As it happens I met up with an old close colleague whom I hadn’t seen for over 20 years. We talked endlessly (...and with the rest of our table) about ‘the good old days’ of course, but also had quite a few really good laughs – it truly was most enjoyable and did us both a great deal of good! Please take my grateful thanks to you, your colleagues and the Pension Insurance Corporation executives for such a lovely event – your efforts really are most appreciated! Have a very Happy Christmas and all best wishes for 2016."PIC policyholder attendee at the Bristol Christmas Lunch 2015
It’s a little unbelievable, but this is the first time that I have had the pleasure of dealing with a financial organisation that is prepared to have such personal contact with its customers."Bernard Jamieson, PIC policyholder
A personal thank you for all that you have done for my mother-in-law...it is wonderful to deal with someone who does what they say. We can’t thank you enough."
Of all the pension providers I have had to deal with, you are by far the best."
Heartfelt thanks for such a trouble free process – a stark contrast to another provider!"
Very satisfied with professionalism of the service. It’s good to deal with people who actually know what they are doing – rare these days!"
I am amazed at the speed of your service. 100% satisfied customer. I would have no hesitation in recommending Pension Insurance Corporation."
Pension Insurance Corporation has 100% in business, quality and friendship. Simply the very best. Thanks again."
They’re [PIC] excellent, they do a really good job of making it clear what they’re doing and why they’re doing it and they’re not too technical in their letters."
Old age is a terrible thing! Insurance and pensions are scary and confusing to those not used to dealing with such things. You kept it simple and explained patiently. For that I thank you."
Thank you very much for your prompt answering of the phone call it is the first time I have ever phoned a company and been put through as quick as that, thank you."
They [PIC] have certainly been first class and they have kept us in the picture with everything that’s changing."
They’re very approachable, I like the idea that you can contact senior people if you want to and the method of communication is very clear."
This is about the 4th or 5th time I’ve been in contact and every time the service has been excellent."
It is a pleasure to deal with such a helpful and efficient company."
Pension Insurance Corporation are a first class, first rate service. You are clearly leaders in a competitive market. I will recommend you to other people."
I have always had excellent service from your staff. I can only thank you and your staff for the way they have looked after me."
Very happy with all the communication that I’ve had with Pension Insurance Corporation, very satisfied to know that the pension is in good hands, thank you."
The personal interest and expertise shown by PIC was much appreciated by all. We were reminded of times long ago when similar corporate relationships existed. The lunch-break gave us time to recall those times and remark on the helpful, concise and encouraging information that was forthcoming from the obviously efficient PIC organisation."
You have made an excellent start, you differ from all other financial institutions I come into contact with in that you have come out to “us punters” rather than remain in your ivory tower. If only other organisations would do the same."
[PIC is] very well organised and committed. [I] felt very confident about my pension being in very capable hands."
The personal interest and expertise shown by PIC was much appreciated by all. We were reminded of times long ago when similar corporate relationships existed."
I phoned up to tell them the wife had passed away and they were brilliant. Told me what to do, how much I’d be getting, and when it’d be coming through. Very helpful, and very nice."
As ever, when I contact you with a request or question, the matter is handled promptly and efficiently."
I am trying to start my Civil Service Pension. If they were 10% as efficient as yourselves we would have made some progress!!!"
… a professional, caring organisation that looks after the long-term needs of policyholders."
[My impression of PIC is] very good. I particularly like being able to erase concern and people being there to talk to. Just knowing there’s someone there if you want some help."
I think they (PIC) are excellent. The amount of information that you get when it comes through is amazing. They seem to use a very good publisher and the people that put the information together appear to know what they’re doing, it’s very professional."
What they’re doing is very good because you’ve always got someone to ask. I think that all people want is somebody to speak to in front of you."
Our partnership with PIC supports the growing pension de-risking trend in The United Kingdom and ensures there is capacity for pension schemes seeking to manage their risk."William McCloskey, Vice President, Longevity Reinsurance at Prudential Insurance Company of America
Very simply it’s a well run business with strict risk controls, and it’s growing steadily year on year."Gary Kirk, Founding Partner, Portfolio Management, TwentyFour Asset Management
We have been very impressed with PIC’s efforts to bring clarity to their policyholder communications. This was a thorough process and PIC has gone to a lot of trouble to make their communications crystal clear. I want to congratulate them on their achievement as it is rare for any company to gain Platinum status. I hope other companies follow PIC’s lead."Tony Maher, General Manager, Plain English Campaign
Pension buyout firm PIC is among a handful of institutional investors… that have blazed the trail by providing debt to greenfield projects. PIC planning on more infra debt investments."Michael Pooler, Infrastructure Journal
Attaining ServiceMark in 2015 was a real achievement and I am delighted that we have now been able to award PIC ServiceMark with Distinction. Their dedication to, and passion for, great customer service marks PIC out as a standard bearer – one that others should follow."Jo Causon, CEO at the Institute of Customer Service