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Press releases

Pension insurance buyouts may come back should gilt yields rise in 2013

27th March 2013

London, 27 March 2013 – The latest figures from Pension Insurance Corporation’s Pension Risk Tracker Index show that interest in pension insurance buy-ins continues to outstrip interest in buyouts, driven primarily by economic factors, as chart 3 of the accompanying pack demonstrates. Overall, the market for pension insurance has started strongly in 2013, with more than 50 schemes, with liabilities in excess of £20 billion, actively looking at a pension insurance transaction.

Download accompanying slides Pension Risk Tracker Index Q4 2012

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Pension Insurance Corporation insures second tranche of Chamber of Shipping Pension Scheme

13th March 2013

London, 13 March 2013 - Pension Insurance Corporation (PIC), a specialist provider of insurance solutions for defined benefit pension funds, has agreed, with the Trustee of the Chamber of Shipping Retirement Benefits Plan (the Plan), an extension to the recently announced buy-in it has with PIC. The extension includes the deferred members of the Plan, representing about 20% of the scheme liabilities, and allows the Trustee to proceed to a full buyout.

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Boris backs Investment 2020 - 13 leading investment firms to offer young people careers in "The City"

7th March 2013

Thirteen of Britain’s leading investment firms - Aberdeen, BNP Paribas Securities*, Cazenove Capital, First State, Henderson Global Investors, JO Hambro Capital Management, Jupiter, Legal and General Investment Management, M&G, Pension Insurance Corporation**, Schroders, Standard Life Investments and Threadneedle Investments - today launch Investment 2020, a shared commitment to offer hundreds of young people from diverse backgrounds a first job in “The City”***.

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Pension Insurance Corporation releases 2012 results

7th March 2013

 London, Thursday 7 March, 2013 - Pension Insurance Corporation, a specialist provider of insurance solutions for defined benefit pension funds, today announces its unaudited results for the 12 months to 31 December 2012.

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Pension Insurance Corporation insures Institute of Cancer Research Pension Scheme

4th March 2013

London, 4 March 2013 - Pension Insurance Corporation (“PIC”), a specialist provider of insurance solutions for defined benefit pension funds, has concluded a pension insurance buy-in with the Trustees of the Institute of Cancer Research Pension Scheme. The transaction covers £30 million of liabilities. The Trustees and The Institute of Cancer Research were advised by Punter Southall and Towers Watson. 

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Pension Insurance Corporation Insures SR Technics UK Limited Pension Scheme

4th February 2013

London, 4 February, 2013 - Pension Insurance Corporation, a specialist provider of insurance solutions for defined benefit pension funds, has concluded a pension insurance buyout with the Trustees of the SR Technics UK Limited Pension Scheme, formerly in the PPF assessment process. The transaction covers £200 million of pension liabilities for 2,500 members. The transaction will enable the Trustees to grant members an uplift in excess of the PPF capped benefits. 

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Pension Insurance Corporation insures further tranches of the Vesuvius UK pension plan

21st January 2013

London, 21 January 2013 - Pension Insurance Corporation, a specialist provider of insurance solutions for defined benefit pension funds, has signed a second bulk annuity policy with the Cookson Group Pension Plan, now sponsored by Vesuvius plc following the recent demerger of Cookson Group plc, under which plan members who retire in each of the next three years will have their pensions insured on agreed terms. The first tranche of members, covering retirees between July 2012 and December 2013, will be insured in 2014 based on December 2012 market rates, removing price uncertainty from the Trustee’s de-risking plans. The Trustee was advised by Aon Hewitt.

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Pension Insurance Corporation insures Chamber of Shipping pension scheme

7th January 2013

London, 7 January 2013 - Pension Insurance Corporation, a specialist provider of insurance solutions for defined benefit pension funds, has concluded a pension insurance buy-in with the Trustees of the Chamber of Shipping Retirement Benefits Plan (“the Plan”). The Plan is sponsored by the UK Chamber of Shipping and the International Chamber of Shipping (Marisec Ltd). The transaction covers £40 million of pension liabilities, representing all of the Plan’s current pensioners.  LCP LLP and Wragge & Co advised the Trustees, with support from the Plan’s administrators, KPMG LLP.

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Pension Insurance Corporation Reinsures £400 Million of Longevity Risk

17th December 2012

London, 17 December 2012 – Pension Insurance Corporation (PIC), a specialist provider of insurance solutions for defined benefit pension funds, has reinsured a further tranche of longevity risk with Munich Re, the global reinsurer. This is in respect of liabilities amounting to £400m and takes the amount of longevity risk that PIC has reinsured during 2012 to £1 billion.

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Interest in Pension Insurance Buy-ins is up More Than 50% Year-on-Year

11th December 2012

London, 11 December 2012 – The latest figures from Pension Insurance Corporation’s Risk Tracker Index shows that the low gilt yield environment, which has pushed up pension fund liabilities as well as the value of gilts, continues to drive the pension insurance market. Pension insurance buy-ins, where gilts are exchanged for a matching insurance policy, represent approximately 70% of demand in the market, a 50% increase on 2011 (see slide 3 of the accompanying presentation).

Download accompanying slides Pension Risk Tracker Index Q3 2012

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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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