PIC signs a £113 million buy-in with the Sopra Steria Retirement Benefits Scheme (SMP Section)

PIC, a specialist insurer of defined benefit pension schemes, has concluded a £113 million full buy-in with the Steria Management Plan Section (the ‘Section’) of the Sopra Steria Retirement Benefits Scheme (the ‘Scheme’). The buy-in secures the benefits of all 355 Section members within the Scheme. 

Sopra Steria is a major Tech player in Europe. Operating in nearly 30 countries and employing over 50,000 people, it is recognised for its consulting, digital services and solutions.

David Best, Deputy Chair of Trustees at the Sopra Steria Retirement Benefits Scheme, who led the final selection process said: “We’re pleased to have agreed this transaction with PIC, which will secure our members’ benefits for the long term and means that they will continue to receive high-quality customer service. PIC has a well-founded reputation for providing excellent customer service levels and the focus on their policyholders shone through during the process.”Deepash Amin, Head of New Business Strategy at PIC, said: “We were impressed with the focus of the Trustees on the member experience as part of the transaction, and we’re therefore delighted to have been selected. PIC is built around the delivery of our purpose, which is to pay the pensions of our current and future policyholders, and we look forward to welcoming the Scheme members in due course.”

Maria Greene, CFO at Sopra Steria UK, said: “We’re pleased that the SMP defined benefit pension scheme has completed a buy‑in transaction, which provides long‑term security for members’ benefits and represents an important milestone for the company.”

Chris Hawes at Mercer, who advised the sponsoring employer Sopra Steria Limited and led the insurance broking, said: “We are proud to have led this project, working in close strategic collaboration with the Trustee and Scheme sponsor from the outset to secure the benefits of Section members. Through a focused and competitive selection process, the strong partnership ensured that the shared objectives were successfully achieved.”

CMS advised PIC and legal advice was provided to the Trustee by Gowling WLG.

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Notes to Editors

Chelsey Wheeler
Public Relations – Senior Manager
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 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