PIC completes £230 million full buy-in for Peel Ports Final Salary Pension Scheme

Amanda Willis, Chair of the Scheme’s Trustee Board and Group Treasurer at Peel Ports Group, said: “We’re delighted to have achieved our long-standing ambition to fully buy-in the Scheme, improving the financial security of our members benefits whilst reducing pension-related risks for Peel Ports Group.

“PIC impressed us early in the process with a compelling proposal and a clear commitment to transact. Its financial strength and reputation for delivering high-quality service to pension scheme members was a key factor in our decision and ultimately led us to selecting PIC as our insurance partner. Peel Ports Group already had a positive experience of PIC following a 2017 buy-in relating to past employees with benefits in the Former Registered Dock Workers Pension Fund and we are delighted to have partnered again on such an important transaction.”

Matt Richards, Head of Origination Structuring at PIC, said: “Strengthening relationships with companies, trustees and sponsors we’ve worked with before is a core part of our strategy at PIC and this transaction offered a valuable opportunity to deepen the partnership with Peel Ports Group. We’re pleased to have delivered a proposal that met the Trustee’s objectives and supported its long-term goals. PIC invests significant time and effort in ensuring we provide the right outcomes for our policyholders and we are proud that our focus on customer service was key in the selection of this transaction.”

Ken Hardman at LCP, who advised the Trustee on the transaction, said: “This transaction once again demonstrates the value of a joined up approach between the Trustee and the Scheme sponsor, with all parties setting clear objectives at the start of the process and working closely together to achieve a successful outcome. We are delighted to have supported the Trustee in achieving such a positive outcome for its members.”

CMS advised PIC on the transaction and legal advice was provided to the Trustee by Gowlings.

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For further information please contact:   

Chelsey Wheeler

Public Relations – Senior Manager, PIC
Wheeler@pensioncorporation.com  
+44 (0) 7586 686414

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 2025, PIC had fully secured the pensions of 399,200 people, and had a portfolio of £51.5 billion, 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 £17.8 billion to its policyholders, with a 99% customer satisfaction rating. PIC has invested £14.6 billion in private investments to date including in UK housing and infrastructure, creating considerable social value. 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