Who we are

PIC is an established, leading player in the specialist UK bulk annuity market

• We only insure UK defined benefit pension scheme liabilities
• We pride ourselves on superior client service for policyholders, trustees and pension fund sponsors
• We are able and willing to price and structure transactions that meet client needs
• We offer innovation and flexibility to deliver to specific client requirements
• Our continued success in writing new transactions reflects confidence shown by trustees and sponsoring companies in the  strength of PIC’s balance sheet 
• We have a robust approach to risk management 

 

New business success:

• £51.1bn of financial investments at full-year 2021, c.24% share of buy-in/buyout sector long term
• 282,900 pension fund members insured
• More than 210 pension funds insured including two of the largest full buyouts in the UK
• We have successfully completed pension insurance buyouts and buy-in transactions for clients including: 

  

“This transaction will eventually see Old British Steel Pension Scheme members receive benefits either at the same PPF level as those currently provided or, for many members, an uplift above that amount. Old British Steel Pension Scheme members can take comfort that their benefits will be looked after by an insurer which is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, as well as being committed to the highest levels of customer service.”

Jonathan Hazlett Managing Director of Open Trustees Ltd

    

Other key points to note:

• No legacy business lines or product exposures
• Conservative investment portfolio with ALM focus
• Hedging of interest, inflation and currency risks and reinsurance of majority of longevity risk
• Efficient operating model with substantial economies of scale 
• Fit-for-purpose IT and specialised processes

Satisfied PIC policyholders “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 first class...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.”