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PIC a specialist insurer of defined benefit pension funds, has concluded a £25 million full scheme buy-in with the Trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme (the Scheme). The buy-in insures the pension liabilities for 125 pensioners and 107 deferred members who were employees of Westminster Abbey.
This is PIC’s second transaction with a part of the Church of England. In 2015 PIC invested in a long-term £70 million bond issued by the Church of England Pensions Board’ charitable arm, to fund retirement housing for retired clergy.
John O’Brien, Chair of Trustees, the Westminster Abbey Pension Scheme, said: “It is a great achievement to reach this significant milestone. This is the culmination of many years of hard work by trustees past and present, which would not have been possible without the Abbey’s diligent support of the Scheme. We would also like to thank our advisers Barnett Waddingham and Pinsent Masons for their leadership through the Scheme’s journey to this stage, and to Pension Insurance Corporation for working with the Trustees to achieve this buy-in transaction.”
Westminster Abbey, courtesy of the Church of England
Paul Baumann, Receiver General at Westminster Abbey, said: “We are delighted that the Scheme has been able to reach this agreement with Pension Insurance Corporation. It is a very positive outcome. Members’ benefits remain safe, and this is a simpler way of managing this pension fund. We are pleased to have worked closely with the Trustees and their advisers to support the Scheme to complete this transaction.”
Jay Shah, Chief Origination Officer at PIC, said: “PIC is delighted to have worked with the Trustees of the Westminster Abbey Pension Scheme. As many much larger schemes are also seeking to de-risk at this time being able to demonstrate PIC has the flexibility and adaptability to accommodate all sizes of transaction, is most gratifying.”
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Notes to Editors:
For further information please contact:
PIC
Clive Booth
+44 (0) 7780 599247
[email protected]
Apella Advisors
Arne Wysny
+44 (0) 7818 497469
[email protected]
About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2023, PIC had insured 339,900 pension scheme members and had £44.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of almost £12 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
