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

Fenwick schemes complete buy-in deals worth £113m with Aviva

Fenwick schemes complete buy-in deals worth £113m with Aviva

Transactions secure all remaining benefits of two schemes sponsored by the British department store

Holly Roach
clock 19 September 2025 • 2 min read
PRA: FundedRe may be driving BPA competition with 'undesirable characteristics'

PRA: FundedRe may be driving BPA competition with 'undesirable characteristics'

Regulator says it is checking to ensure its regime is ‘right for the future’

Jonathan Stapleton
clock 19 September 2025 • 3 min read
Two firms at 'advanced' stage of planning for potential superfund market debut

Two firms at 'advanced' stage of planning for potential superfund market debut

Interest in alternative endgame options growing as sponsors revisit strategies

Jonathan Stapleton
clock 18 September 2025 • 3 min read
Trustpilot