Athora announcement - policyholder Q&A

What's happened?

Athora is a leading pan-European savings and retirement services group managing a total of €139bn of assets on behalf of 3.1 million policyholders. Athora has bought PIC from its existing shareholders following regulatory approval.

When did this happen?

Athora Group completed the purchase of PIC on 27 March 2026, following regulatory approval by the PRA on 6 March 2026.

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 change of ownership won’t change that. It won’t impact PIC’s commitment to 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 they’ve been an important part of our success story to date. Now it’s 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 don’t 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, because they recognise PIC as a leading and trusted participant in the UK pensions market. This investment reflects PIC’s reputation, strategy, consistently strong balance sheet, purpose, and our people.

How does this change affect me as a policyholder?

As a PIC policyholder  you won’t see any  change. We’ll continue to look after you and your pension as normal. This doesn’t affect either the security of your pension or the amount of your pension, and it won’t change our focus and commitment to the level of customer care and support we provide. Your pension 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 doesn’t 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+. 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 businesses 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 (the Prudential Regulation Authority - which is part of the Bank of England) and the FCA (the Financial Conduct Authority). These regulators make sure that all UK insurance companies keep their policyholders’ security and best interests at heart. We’ll still have to meet 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 won’t change. Your pension benefits aren’t affected by this transaction. PIC is a regulated insurance company and we have to meet strict financial regulations designed to ensure your pension benefits are protected.

Does this transaction affect the security of my pension?

No. PIC is a regulated insurance company that is overseen by the PRA (the Prudential Regulation Authority), which is part of the Bank of England, as well as the FCA (the Financial Conduct Authority). These organisations make sure that all UK regulated insurance companies keep their policyholders’ security and best interests at heart. There is no change to our obligations to our policyholders or the security of your pension benefits. We still have to meet strict regulations and capital requirements, which make sure 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 aren’t affected by the transaction and will continue to be paid as normal.

Will there be any delays to my monthly payments?

No, pension payments aren’t affected by the transaction and will continue as normal.

Will the amount I receive change?

No, the pension benefits insured 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’ll get 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 aren’t affected by this change and will continue as normal.

Who will be making my pension payments going forward?

PIC will continue to make payments to all our policyholders. You’ll still see our name on your bank statement.

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. You can still  get in touch with us in the normal ways. Your pension will be continue to be paid in the same way as normal.

Will this change your focus on customer care?

No. We’ll continue to focus on delivering the high levels of customer service and support you expect from us. 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, our customer service team will stay the same and you can continue to contact us in the normal ways. This transaction does not impact our customer service or the security of your pension. We’re 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 contact us as you would do usually. This transaction will not change how we interact with our policyholders or the level of customer service you receive.

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 your information online as before. Our website isn’t changing and you’ll still see information for our policyholders there.

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?

No. 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 won’t be transferred anywhere new as a result of this transaction. PIC will continue to be responsible for the storage and security of your data. 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 our purposeful investment strategy.

For over a decade, we’ve invested billions of pounds to UK housing and infrastructure, unlocking huge social value for the country. This will continue under Athora. Apollo (who are a minority shareholder in Athora and one of its strategic asset management partners) are already long-term investors in the UK. They focus on long term investments 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.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.