Font control

Increase or decrease website font size.

Share

New to PIC?

Welcome. Your pension is in safe hands

Paying the pensions of our current and future policyholders - all former members of UK defined benefit schemes - is our purpose.

We’re PIC – here to pay your pension

Our whole business is built on managing risk to ensure that we are able to pay policyholder pensions for decades to come. Our privately sourced assets are invested in areas like social housing, renewable energy and urban regeneration, because these investments will provide the long-term cashflows to pay your pension when it falls due.

What is pension insurance?

There are two main types of pension insurance. A buyout and a buy-in. Following a buyout, agreed by the trustees of your pension scheme, the scheme’s assets are transferred to us. We then become responsible for paying your pension and you become a policyholder of PIC. A buy-in typically covers a specific section of the pension scheme, as determined by the trustees. We have built our business by specialising in insuring the pension benefits of defined benefit pension schemes. Everything we do is designed to provide pensions for our policyholders.





Is my pension safe?

Your pension is more secure once you are a PIC policyholder. Unlike your former pension scheme, we operate within a strict regulatory regime which is overseen and enforced by the Bank of England. This regime means that we must protect your pension with a significant financial buffer, known as regulatory capital. The regime is designed to ensure that we hold sufficient assets to withstand extreme financial events and are still able to pay the pensions of all our policyholders.

We’re authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. These organisations require us to regularly report on our financial strength. They make sure that all UK regulated insurance companies keep their policyholder’s security and best interests at the heart of their decision making.

You can find more information at  www.bankofengland.co.uk/PRA and  www.fca.org.uk

Building a better future

We put our policyholders first and we back your pension with a purposeful investment strategy. This means we align long-term pension commitments with long-term assets. So as well as paying pensions, our investments are making the economy greener, providing social housing and regenerating our cities. They help create jobs, support communities and benefit future generations. 

Our customer service offering

At PIC, our policyholders receive extremely high levels of customer service and our close partnership and oversight with our administrators ensures complaints are low. We’re one of the few companies in the country that hold the Institute of Customer Service ServiceMark with Distinction.  This benchmarking is against a variety of companies from different industries in the UK and measures how satisfied our customers are.


282,900

policyholders insured



99%

of calls answered within 20 seconds



7 seconds

average call answer time over the year



Our commitment to you

  1. We will pay you the right pension, at the right time.
  2. We will provide levels of financial security over and above those you received from your former pension scheme.
  3. We will make sure that you receive the highest levels of customer service.

What happens now?

Once your pension moves to the PIC administration team, you can expect all of the following:

  • phone lines that are free to call and always answered by a friendly expert who will help you
  • communications from us that are free of jargon and in plain English
  • access to your pension information through our online portal – Member Zone
  • an annual invitation to our highly-regarded policyholder events

Our use of cookies

We use cookies that are necessary to make our site work, if you use the text size control on our website to improve your viewing experience, this will set a functional cookie to maintain the font size for each page until you leave our site.

For more detailed information about the cookies we use, see our Cookie Policy


Analytics cookies

We’d also like to set analytics cookies to help us improve it; we will only do so if you give us permission by selecting ‘Enable Analytics’, or by selecting ‘Manage Cookies’ and clicking the ‘Enable analytics cookies’ checkbox. 

: