Pension Insurance Corporation completes registration of Verda Living as a for-profit provider of social housing

PIC has invested almost £4 billion of long-term debt into UK social and affordable housing since 2012, supporting the delivery of thousands of homes across the country. With the launch of Verda Living, PIC is taking a direct role in the provision of social and affordable housing, working alongside local authorities and delivery partners. The long-term, inflation linked cashflows generated will support pension payments to PIC’s policyholders.

The UK faces a severe shortage of affordable housing, with more than 1.3 million households on local authority waiting lists and rising private rents increasing pressure on household finances. Traditional housing associations and local authorities face financial pressures, regulatory compliance costs, and funding constraints, limiting their ability to meet demand.

Verda Living is committed to delivering high-quality, affordable, and well-governed homes, providing long-term stability for residents, while maintaining the highest standards of financial resilience and regulatory compliance. Residents will be at the centre of Verda Living’s approach, with clear accountability for service delivery and responsive engagement with residents.

Verda Living will be chaired by Nathan Warren and has appointed Helen Moore and Chyrel Brown as independent non-executive directors. Together, the Board brings deep experience across housing, governance, and customer outcomes, providing strong independent oversight.

Nathan Warren, Chairman of Verda Living, said: “Verda Living has been established with a strong independent Board and a clear commitment to the values and responsibilities of the social and affordable housing sector. Verda Living will ensure that decisions are made in the best interests of residents and in line with regulatory expectations.

“At the same time, backing from a long-term institutional investor like PIC provides financial strength and stability, enabling Verda Living to take a patient, responsible approach to delivering and managing homes.”

Hayley Rees, Managing Director of PIC Capital at PIC, said: “PIC’s primary purpose is to pay the pensions of our current and future policyholders, and Verda Living will generate the secure, long-term cashflows needed to support our pension liabilities. Establishing Verda Living was a natural next step for PIC, as it enables us to play a more direct role in supporting the delivery of much-needed affordable homes across the UK.” 

Rasheed Rahman, Executive Lead for Verda Living and Head of Affordable Housing & Real Estate Structuring at PIC, said: “Verda Living has been created to be a practical, delivery focussed partner for local authorities, developers and other stakeholders who are serious about bringing forward high-quality social and affordable housing. We combine long-term capital with a clear understanding of how homes are delivered and managed on the ground. Our focus is on working collaboratively to unlock schemes, manage risk sensibly and deliver homes that communities need.”

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Media enquiries:
Chelsey Wheeler – Public Relations – Senior Manager
Wheeler@pensioncorporation.com
+44 (0)7586 686414

About Verda Living
Founded in 2025, Verda Living is a UK based for-profit social and affordable housing provider, providing high-quality housing for prospective tenants. Partnering with developers, housing associations, and local councils, it is supporting the Government in tackling the UK’s housing situation, by committing to delivering long-term stable homes regionally.

You can find out more about Verda Living by visiting: www.verdaliving.co.uk

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 full year 2025, PIC had insured 438,000 pension scheme members and had £54.8 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. At 31 December 2025, PIC had made total pension payments of £19.3 billion to its policyholders and had invested more than £15 billion in the UK economy, 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.