Co-op enters £425m buy-in in PIC's first deal of 2019

Kim Kaveh
clock • 1 min read

The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.

The deal - completed earlier this week - accounts for just over a third (35%) of the scheme's liabilities, which were £1.2bn as at 31 March 2017, according to its most recent data. The scheme had £...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Risk Reduction

Buy-in volumes could reach record £55bn in 2026, LCP says

Buy-in volumes could reach record £55bn in 2026, LCP says

Consultancy says PRT market will remain ‘highly active’ over the next 12 months

Martin Richmond
clock 05 January 2026 • 3 min read
Utmost Group announces sale of BPA business to JAB Insurance

Utmost Group announces sale of BPA business to JAB Insurance

Deal with Miami-based insurer comes as Utmost looks to focus on wealth solutions

Jonathan Stapleton
clock 22 December 2025 • 2 min read
Healthcare sector pension scheme secures £189m buy-in with Canada Life

Healthcare sector pension scheme secures £189m buy-in with Canada Life

Deal secures the benefits of 1,100 deferred members and over 600 members with pensions in payment

Holly Roach
clock 19 December 2025 • 2 min read
Trustpilot