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Help and support

We're here to support you with your pension. Here are the most frequent questions our policyholders ask


Policyholder FAQs

The decision to transfer your pension has been made by the trustees of your pension scheme. Final salary, or defined benefit pension schemes that rely on a company to fund them have to deal with many financial risks. By transferring the pension to us (buying an insurance policy called a buy-in or a buyout) trustees can remove that risk, and make sure your pension is secure.

The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At 31 December 2023, PIC had insured 339,900 pension scheme members and had £46.8 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. 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

Yes. Once your pension is transferred to us it is safer than when it was with the pension scheme. With us your pension is protected within the insurance regulatory framework, which is overseen by the Bank of England.

Pension schemes fall under a different regulatory framework where the pensions of members are not guaranteed. In short, now that you are a policyholder, this means that whatever happens, such as inflation, stock market crashes or a pandemic, your pension will be paid by us. Month in, month out, year in, year out.

With a buy-in the administrator usually stays the same. So, if you haven’t noticed a new name on your bank statement against your pension payment or received a letter from us then nothing has changed. If it’s a full buyout – and you’ve received a letter from us or already noticed the change on your bank statement, then we’re your administrator.

If you know the name of your scheme you can find a list of administrators here.

Both a buy-in and a buyout are a type of insurance policy that can only be bought by trustees of defined benefit pension schemes. With a buy-in policy we become responsible for paying a regular amount to the trustees to cover all the pension payments for members, but the administrator doesn’t change and the trustee keeps the legal responsibility of the scheme.

A buyout transfers everything to us, such as the financial, administrative and legal obligations. The trustees can then fully close (or wind up) the scheme.

Losing a loved one is distressing – thinking about practical matters such as a pension is hard. We’ve tried to make the process of notifying us as easy as possible. We’re here if you need help through the next steps. Find out more.

It’s a sad fact that pension scams are still common, and you need to be vigilant for them. Scammers try to persuade pension savers to transfer their entire pension savings, or to release funds, by making attractive sounding promises they have no intention of keeping. Often contact is out of the blue, promising to unlock pension benefits or unrealistic rates of return.

You can read more about the warning signs and steps to take here.

The first thing to do is register for an account – you’ll need your registration letter to do this. If you don’t have your registration letter, please contact us and we can help you. If you do have your letter:

  • go to
  • fill in your:
    • name, contact details, national insurance number and date of birth
    • your PIC policy number (you’ll find it on the letter we’ve sent)
    • your registration code (you’ll find it on the letter we’ve sent)
  • once you’ve created your login name and password you’ll have online access to your pension account

Please go to and follow the forgotten password link. If you have any trouble using this function, you can speak to someone otherwise contact us using the details shown.

Further information

Need extra help?

Avoiding scams

Updating your details

Jargon buster

Making a complaint


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