PIC’s success in being chosen by our customers for buy-in and buyout transactions reflects not only our ability to competitively price and structure innovative insurance policies, but also reflects the excellence of our operation, administration and transition teams.
A full buyout requires multiple lines of activity to be managed and coordinated to translate the initial insurance deal (a “buyin”) into the issuing of individual policies to the pension fund members (the “buyout”), thereby achieving liability discharge for both the trustees and the sponsor.
PIC offers the flexibility and modern processes needed to complete a transaction well within the average industry timescales. In particular our experience includes:
- Agreeing and meeting six and nine month transition deadlines from signed transaction to full buyout, including for the largest ever buyout, the £1.5bn EMI Pension Fund;
- Agreeing “all risk” transactions, with complete risk removal for the Trustee and Employer within days of the transaction; and
- Accommodating the special needs and requirements of PPF and insolvent employer pension funds.
PIC is proud of our standards of policyholder care, including:
- PIC engages with several agencies to provide a layered approach tracing missing policyholders:
- To date reunited over 2,000 “lost” policyholders and their dependants with pension benefits
- All of these are people that the Scheme Trustees had previously tried to trace without success
- Platinum status for the Plain English Campaign Crystal Mark for all applicable policyholder communications (over 100)
- PIC attained the Institute of Customer Service’s ServiceMark for outstanding customer service
- PIC’s Senior Management met and spoke to more than 2,000 customers at our complimentary policyholder events. Find out more about these events here
We believe that the above characteristics of our service are unique in our sector