UK - Pension Corporation has been established as the holding company for its three subsidiary vehicles, Pension Insurance Corporation (PIC), Pension Corporation Investments (PCI) and Pension Security Insurance Corporation Ltd (PSIC).
The arrangement means Pension Corporation will oversee two main routes to pension assets through PIC and PCI.
PIC and PCI will also continue to carry out their respective functions of insuring pension scheme risk and sourcing acquisition opportunities.
Following the announcement, Pension Corporation said its expertise would now provide best practice pension scheme management to generate value for the benefit of scheme members.
Edmund Truell, group chief executive of Pension Corporation, said: “The Pension Corporation looks forward to providing responsible pension stewardship for the benefit of pension scheme members.”
The company stated that in the long term it intended to provide the best possible security to trustees, beneficiaries and sponsors of defined benefit (DB) pension schemes.
Pension Corporation has £1.3bn under management and following its acquisition of the Threshers First Quench Pension scheme, the fund was brought into surplus from a £24m deficit in three months.
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Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.