PIC paves the way to a £85 million buy-in for the Interface Europe Pension Scheme

Pension Insurance Corporation plc ('PIC'), a specialist insurer of defined benefit pension schemes, has concluded an £85 million buy-in with the Trustee of the Interface Europe Pension Scheme ('the Scheme'), securing the benefits of 1,117 members for the long term. Dalriada Trustees Limited ('Dalriada') is the sole professional trustee (the 'Trustee') to the Scheme.

Interface is a global commercial flooring manufacturer, offering an integrated collection of carpet tile and resilient flooring with sales across all continents.

Jo Harris, Chair of the Trustee at Dalriada, said: “We’re very pleased to have concluded this transaction with PIC. This was not a straightforward transaction, but with the hard work of Scheme advisers, support from the employer, and flexibility from PIC, we believe we’re together providing the best outcome that the market can offer for our members. I want to thank the employer, our advisers, and the PIC team, for their collaborative approach throughout the transaction.”

Deepash Amin, Head of New Business Strategy at PIC, said: “At PIC, we pride ourselves on delivering first-class customer service, so we’re proud as this was recognised as a key factor in securing the transaction. The Trustee was focussed on achieving a smooth, efficient outcome for members and our team worked collaboratively to complete the transaction.”

Sam Whalley, lead risk transfer adviser at PwC, said: “We are proud to have led the advice to the Trustee on this transaction with PIC. This was a collaborative process, showing the value of preparation ahead of time and early market engagement, which meant that a number of complexities were dealt with efficiently.  This collaboration and flexibility from all parties allowed the Trustee to achieve a great outcome for the Scheme’s membership.”

PIC was advised by CMS Cameron McKenna Nabarro Olswang. PwC was the lead transaction adviser to the Trustee, with Isio having supported with long term actuarial and benefit consultancy to the Scheme and Eversheds Sutherland providing legal advice.

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Notes to Editors

Chelsey Wheeler
Public Relations – Senior Manager
Wheeler@pensioncorporation.com
07586686414

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 2026, PIC had fully secured the pensions of 432,900 people, and had a portfolio of £54.4 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 almost £21 billion to its policyholders, with a 99% customer satisfaction rating. PIC has invested more than £15 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