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Press releases

RPI vs CPI - Magic New Formula May Lead to One Inflation Index

15th October 2012

London, 15 October, 2012 – The gap between the two most frequently used measures of inflation, RPI and CPI, has grown in recent years. Rebasing of public and some private sector pensions to CPI has been criticised in some sectors, at worst sparking national strikes over pension reform.

At the heart of the issue is the differential or “wedge” between the CPI and RPI, which has meant that for a 2% CPI target in steady state, RPI might typically be higher by about 1% per annum with this differential itself being volatile.

Download the REPORT by Redington and Pension Insurance Corporation on the possible impacts of the inflation indexation reform currently being considered.

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Pension Insurance Corporation Directly Invests £50 million in Social Housing Association

18th September 2012

London, 18  September 2012 - Pension Insurance Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that it has directly funded Raglan Housing Association as the sole buyer of a £50 million bond issue. The funds will be used by Raglan to build new houses across the country. The transaction was arranged by Canaccord Genuity.

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Pension Insurance Corporation reinsures £300 million of longevity risk with Munich Re

30th July 2012

London, 30 July 2012 - Pension Insurance Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that it has hedged £300 million of longevity risk through reinsurance with Munich Re, the global reinsurer. 

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Cookson Group Pension Plan completes pensioner buy-in with Pension Insurance Corporation

19th July 2012

19 July 2012

Cookson Group plc (“Cookson” or “the Company”), a leading materials science company, today announces that the Trustee of the Cookson Group Pension Plan (“the UK Plan”) has signed a pension insurance buy-in agreement with Pension Insurance Corporation (“PIC”), a leading provider of pension insurance solutions to defined benefit pension funds.  The transaction covers the UK Plan’s pensioner liabilities, approximately 60% of the total liabilities, with an insurance premium of circa £320 million met from existing assets of the UK Plan.

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Pension Insurance Corporation insures Graham & Brown Retirement Benefits Scheme

16th July 2012

London, 16 July 2012 - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustees of the Graham & Brown Retirement Benefits Scheme (“the Scheme”) have signed a pension insurance buy-in agreement with Pension Insurance Corporation (“PIC”). The transaction uses an innovative 50% phased premium structure. The Trustees were advised by Xafinity Consulting.

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Pension Insurance Corporation insures Aon Minet Pension Scheme

9th July 2012

London, 9 July 2012 - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustees of the Aon Minet Pension Scheme ("the Scheme") have signed a pension insurance buy-in agreement with Pension Insurance Corporation ("PIC"). The transaction covers a tranche of pensioners representing around 25% of the Scheme's pensioner liabilities, with the premium being circa £100 million. 

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Pension Corporation agrees terms of investment by Reinet

4th July 2012

London, 4 July, 2012 - Pension Corporation is pleased to announce that it has agreed to enter into definitive agreements with Reinet Fund S.C.A., F.I.S., ("Reinet"), a specialised investment fund incorporated in Luxembourg, in relation to an investment of up to £400m of new ordinary capital in the pension insurance business of Pension Corporation. The transaction is subject to regulatory and other approvals. 

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QE3 could cut pension fund deficits, help the economy and encourage infrastructure investment

24th May 2012

London, 24 May 2012 – A new round of Quantitative Easing (QE) targeting £50 billion of infrastructure, Housing Association and PFI loans from UK banks, with onward sale to defined benefit pension funds, could help repair pension fund deficits and spur economic growth by improving banks' capital ratios and easing credit, according to Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds. 

To view a PDF presentation click HERE

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Pension fund trustees to receive up to £100 billion in deficit payments from sponsors

15th May 2012

London, 15 May 2012 – The trustees of defined benefit pension funds could receive more than £100 billion in deficit reduction payments from their corporate sponsors over the next three years, or 13% of UK corporate cash holdings, according to a survey of more than 170 trustees and pension professionals, representing aggregate liabilities of at least £50 billion.

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Pension Insurance Corporation insures the Gartmore Pension Scheme

3rd May 2012

London, 2 May 2012 - Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustee of the Gartmore Pension Scheme (“the Scheme”) has entered into a pension insurance buy-in agreement with Pension Insurance Corporation (“PIC”). The transaction covers around £160 million of liabilities and all 600 members of the Scheme. The Trustee was advised by Lane Clark & Peacock LLP (“LCP”) and Sacker & Partners LLP; PIC was advised by Herbert Smith.

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Case studies

Click above for a more in-depth overview of a selection of pension insurance buyouts and buy-ins, tailored to client needs by PIC

To discuss pension risk transfer solutions, please contact:

Mitul Magudia or Uzma Nazir
+44 20 7105 2000
enquiries [at] pensioncorporation [dot] com 

Pension Insurance Corporation plc is registered in England and Wales under company number 05706720. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). Its registered office is at 14 Cornhill, London EC3V 3ND. Terms and conditions

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