Policyholder Q&A

What has happened?

A company called Athora, which is a leading pan-European savings and retirement services group managing €76bn of assets on behalf of 2.8 million policyholders, is buying Pension Insurance Corporation from its existing shareholders subject to regulatory approval.

When does this happen?

There are a number of steps to go through when any regulated insurer is subject to a change of control, which are designed to make sure that ownership is handed over safely and smoothly. Over the next months, the PRA will take steps to verify that the change of our shareholders does not impact the sound and prudent management of PIC. Once they are confident of this, they will give their approval.

Why has this happened and what does a change of ownership mean?

PIC is a unique business operating in a large, growing market. Athora’s purchase of PIC is a huge vote of confidence in us, and will help us oversee the next phase of our growth. At the heart of our success has been a simple purpose: to pay the pensions of our current and future policyholders. The acquisition will not change that. It will not impact PIC’s commitment to you, our policyholders, the security of your pension or the level of customer care that we provide. Being part of a wider group of European life insurers will help PIC further strengthen our already healthy balance sheet and support our ability to insure more pension schemes and policyholders in the long term. We are really excited about this development.

Who is Athora?

Athora is one of the fastest growing savings and retirement services companies in Europe. Their shareholders consist of high-quality, long-term investors, including pension funds, sovereign wealth funds and other institutional investors. Their existing businesses in the Netherlands, Germany, Belgium and Italy, look very much like PIC and are aligned with our strategic goals.

Why are your current Shareholders selling the company? Do I need to be concerned about the long-term stability of PIC?

Our current shareholders have invested in PIC for many years and been an important part of our success story to date. Now is time for the next phase of PIC’s growth under a single strategic owner with group-wide resources and the ambition to grow our business even more.

You do not need to be concerned about the long-term stability of PIC. Your pension is as secure as it has ever been. All the existing strict regulations and capital requirements continue to apply to PIC.

Will you still be called PIC?

Yes. PIC, as an entity is not changing, just the ownership structure behind the scenes. Athora have chosen to retain PIC’s name and branding – including the penguins - long-term, recognising PIC as a leading and trusted participant in the UK bulk annuity market. This investment is validation of PIC’s reputation, strategy, consistently strong balance sheet, purpose, and our people. It’s an investment in PIC as the UK’s leading retirement sector business.

How does this transaction affect me as a policyholder?

As a PIC policyholder please let me reassure you that nothing will change. We will continue to look after you and your pension in the usual way. This does not affect either the security of your pension promise, the amount of your pension and it will not change our focus and commitment to the level of customer care and support we provide. Your pensions will continue to be paid on time and in the usual way.

Does this impact PIC's financial stability and Fitch rating?

No. Fitch has confirmed that this does not impact PIC’s ratings: Pension Insurance Corporation’s Ratings Unaffected by Athora Purchase. PIC continues to have a Fitch insurer financial strength (IFS) rating of A+ and Fitch assesses PIC’s financial performance and investment risk as 'Very Strong' and debt service capabilities as 'Strong'. While PIC will be a core part of the Athora group (and Athora themselves have an IFS rating of A/Rating Watch Positive), the two entities remain separate and will have separate Fitch ratings.

 PIC, as an entity, does not change following a change of shareholder, and neither does the security of your pension benefits.   PIC continues to be a UK regulated insurance company that is overseen by the PRA (which is part of the Bank of England) and the FCA. These regulators make sure that all UK insurance companies keep their policyholders’ security and best interests at heart. We remain subject to strict regulations and capital requirements, which ensure we have enough money to meet our financial commitments to all of our policyholders for the long term, even in extreme scenarios (known as 1 in 200 year events).  

Pension Insurance Corporation’s Ratings Unaffected by Athora Purchase: Fitch Ratings-London-04 July 2025:
Pension Insurance Corporation Group Limited (PICG) and its subsidiary Pension Insurance Corporation PLC’s (PIC).

Will this change the amount of pension I receive?

No. The pension amount that has been insured for you by the former Trustee of your pension scheme is secure and will not change. Your pension benefits are unaffected by this transaction. PIC are a regulated insurance company and subject to strict financial regulations designed to ensure your pension benefits are protected

Does this transaction affect the security of my pension?

No. PIC are a regulated insurance company that is overseen by the PRA, which is part of the Bank of England, as well as the FCA. These organisations make sure that all UK regulated insurance companies keep their policyholders’ security and best interests at heart. This transaction does not change our obligations to our policyholders or the security of your pension benefits. We are subject to strict regulations and capital requirements, which ensure we have enough money to meet our financial commitments to all of our policyholders for the long term, even in extreme scenarios (known as 1 in 200 year events).

Will my pension payments continue as normal?

Yes, your pension payments and the amount of pension you get paid are not affected by the transaction and will continue to be paid as they have previously.

Will there be any delays to my monthly payments?

No, pension payments are not affected by the transaction and will continue as they have previously.

Will the amount I receive change?

No, the benefits secured for you by the former trustees of your pension scheme are protected. Your pension amount and your pension payments are not affected by the transaction. You will receive the same amount as detailed in your Policy document.

Will payments still go into the same bank account?

Yes, everything will continue as normal. Your pension payments are not affected by the transaction and will continue as normal and will be paid at the same time.

Who will be making my pension payments going forward?

PIC will continue to make payments to all our policyholders.

Do I need to contact the new owner to receive my pension?

No. PIC are still responsible for looking after your pension and nothing will change for you as a policyholder. Please continue to contact us in the normal way. Your pension payment will be continue to be paid in the same way as previously.

Will this change your focus on customer care?

No. Our level of customer care remains our primary focus at PIC and we are committed to continuing the level of service and support that we provide. Athora understands and fully supports that this is key to our future success. We will keep investing in our customer experience to make sure that you continue receiving the level of care, consideration and support that you deserve.

Will I still deal with the same customer service team?

Yes, the team at PIC will stay the same and you can continue to contact us in the normal away. This transaction does not impact our customer service or the security of your pension. We are committed to excellent customer

service and will continue to invest in our overall customer experience as we always have.

Who do I contact if there’s a problem with my pension payment?

Please continue to contact us as you would do usually. This transaction will not change how we interact with our customers or the level of customer service you receive. You can

Will there be any disruption to service during the transaction?

No. There will be no disruption to the level of customer care you receive, as a result of this transaction.

Will your website or online services change?

No, you will still be able to access the member zone and receive all information for policyholders on our website.

What happens to my personal and financial data?

There will be no change to the way your personal and financial data is stored or shared. All policyholder administration and customer service remains the same.

Will my data be shared with the new owners?

There will be no change to the way your personal and financial data is stored or shared. All member administration remains the same.

Can I opt out of having my data transferred?

Your data will not be transferred anywhere new as a result of this transaction. PIC wil continue to be responsible for the storage and security of your data and there will be no change to the way your personal and financial data is stored or shared.

What does this mean for PICs investment strategy?

PIC is well-known for an investment strategy that allocates billions of pounds to UK housing and infrastructure, unlocking huge social value for the country. This will continue under Athora. In fact, Apollo (who are a minority shareholder in Athora and one of its strategic asset management partners) are already long-term investors in the UK and are focused on committing long-dated capital to support infrastructure, climate transition, sustainable investments and the broader economy. For example, Apollo recently committed to a £4.5bn IG private bond financing for EDF to fund the Hinkley Point C nuclear plant.