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At the heart of PIC’s investment strategy is our focus on fulfilling our purpose of paying the pensions of our policyholders. This means sourcing the secure cashflows needed to pay hundreds of thousands of pensions over the coming decades.

First, this makes us naturally cautious investors and explains the construction of a portfolio that is resilient and durable enough to withstand whatever storms blow up in the markets from year-to-year.

Second, it means that we are committed investors in areas like social housing, urban regeneration projects, the UK’s education system, and renewable energy. The more social value our assets create, the more likely they are to be good long-term investments and support our pension payments for decades to come.

Our sustainable assets

PIC has been a significant investor for over a decade in areas like social housing, renewable energy and the UK’s universities. These investments, which are typically sourced privately, provide the cashflows we need to match our liabilities at maturities when publicly-available debt is simply not available. Borrowers benefit from the flexibility in funding we are able to offer, for example, with deferred drawdown and bespoke terms.

In total we have £11.4 billion invested in sustainable assets at year end. To date we have invested c. £2.8 billion in social and affordable housing and c. £1.3 billion in student accommodation.

*Market value as at 31 December 2023

Case studies

Investments with significant social value

Investing £130 million in the North West of England

UK’s largest urban regeneration project and a key part of the levelling up agenda.

Funding emergency accommodation in Bromley

PIC’s £67 million investment in an innovative affordable housing deal with the London Borough of Bromley.

Manchester New Victoria Build-to-Rent development

PIC invested £130 million in the Company’s first private rental sector ('PRS') project, New Victoria, in central Manchester.

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