PIC completes £55 million full buy-in for Bibby Line Group Limited Pension Scheme

PIC, a specialist insurer of defined benefit pension schemes, has concluded a £55 million buy-in with the Trustee of the Bibby Line Group Ltd Pension Scheme (‘the Scheme’), covering the pensions of 667 members.

Jonathan Lewis, CEO at Bibby Line Group, said “This transaction represents a strategic step in our longterm plan for the business, reinforcing our commitment to responsible financial stewardship. Over recent years we have made substantial contributions to our pension scheme in order to progress towards this event.  It removes an element of long-term risk from our balance sheet, while further strengthening the security of pension benefits for hundreds of our current and former employees. Completing it within a condensed timeframe reflects the strong collaboration and focus of everyone involved, and we are grateful for their commitment.”

Nicholas Chadha of PAN Trustees, the Scheme’s sole professional trustee, said: “The main objective for this transaction was to secure the pensions of our members, whilst maintaining dedicated support for them. In preparation for the transaction, we had already conducted a significant data cleansing process, allowing us to move quickly with the insurer of choice. We were really impressed with PIC’s ability to work at speed, alongside its clear focus on customer service and well thought through transition plan. I want to thank the PIC team for the flexibility and innovation displayed, in order to complete this transaction expediently.”

George Milligan, Origination Actuary, at PIC, said: “Organisation was a key element of this transaction due to tight timeframes. Our teams were able to mobilise quickly to ensure that we could meet the timescales set by the Trustee and achieve the main objective of the Scheme, securing its members benefits for the long term. We pride ourselves on providing excellent customer service and are delighted that the Trustees recognised this, entrusting us with their members’ pensions.”

Tom Whiteley, Risk Transfer Director at PWC, said: “We were delighted to advise the Joint Working Group on this transaction. The work that had already been carried out on the member data and scheme benefits meant that the Scheme was in a great position to move at pace and quickly enter a buy-in transaction. Close collaboration between all parties over a short but intense period made this possible.”

Herbert Smith Freehills Kramer advised PIC and PwC led the advice to the Joint Working Group comprising of both Trustee and Company representatives. DLA Piper provided legal advice to the Trustee, who were also provided administration and actuarial advice by Cartwright.

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Notes to Editors

Chelsey Wheeler
Public Relations – Senior Manager, PIC
Wheeler@pensioncorporation.com
07586 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 insured 399,200 pension scheme members and had £51.5 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 30 June 2025, PIC had made total pension payments of £17.8 billion to its policyholders and had invested more than £14.6 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