Pension Insurance Corporation
Edi Truell: My response to calls for a consolidator to take on smaller underfunded schemes
The Pension SuperFund co-founder Edi Truell responds to PIC’s call for a consolidator to take on smaller underfunded schemes.
Five stories you may have missed this week
This week’s top stories included a High Court judgement ruling the Pension Protection Fund’s compensation caps age discriminatory, while the revenue of the three biggest pension consultancy firms saw a year-on-year dip for 2019.
PIC calls for creation of compulsory not-for-profit consolidator to take on smaller underfunded schemes
Pension Insurance Corporation has reiterated its call for the establishment of a new consolidation vehicle, run by a not-for-profit agency, to target smaller underfunded schemes with weak sponsors.
MetLife reinsures £280m of PIC liabilities
MetLife has completed its first UK longevity reinsurance transaction, covering the risk of £280m of Pension Insurance Corporation (PIC) liabilities.
PIC invests £277m in Spanish solar bonds
Pension Insurance Corporation (PIC) has provided £277m of debt funding for eight Spanish solar parks.
Agreeing bulk annuities in a crisis
After a bumper year, insurers are now facing a slower and smaller pipeline as schemes grapple with Covid-19, writes James Phillips.
Five stories you may have missed this week
This week’s top stories included the Smurfit Kappa UK Pension Fund’s completion of a £1.2bn fiduciary and liability-driven investment deal with River and Mercantile, and figures showing pension transfer activity has dropped to its lowest level since 2014....
A safe harbour: How the Dock Workers Pension Fund reached buyout
Key players in the Dock Workers Pension Fund tell James Phillips the tale of getting to endgame ahead of plan
PIC insures £400m of liabilities in Co-op's third buy-in of 2020
The Co-operative Pension Scheme (Pace) has agreed its third buy-in this year, insuring £400m of liabilities in the Co-operative Bank section of the scheme with Pension Insurance Corporation (PIC).
PIC completes £250m buy-in with two WPP schemes
Multinational communication services giant WPP has completed a £250m buy-in for two of its pension schemes with Pension Insurance Corporation (PIC) as the insurer celebrated a “healthy pipeline” of deals amid the Covid-19 outbreak.
Alignment is key to active fiduciary management outsourcing
Following the Competition and Marketing Authority's investigation, Nick Reeve looks at how trustees can prepare for the formal tender process required for the selection of fiduciary managers.
PIC boosts financial investments by £10bn in 2019
The Pension Insurance Corporation (PIC) boosted its financial investments last year by nearly £10bn to £40.9bn, up from £31.4bn the year prior, according to its full-year results.
UK Pensions Awards 2020 - Shortlists published
Here they are. The finalist lists for the UK Pensions Awards 2020.
British American Tobacco pension schemes' net liabilities almost double in a year
British American Tobacco’s (BAT) overall net liability for its pensions and healthcare schemes in group subsidiaries nearly doubled in the year to 31 December 2019 to £1.03bn from £518m the year prior.
Five stories you may have missed this week
This week’s top stories included the launch of Scottish Widows’ new responsible investment team, and reports of Treasury plans to cut pension tax relief for high earners.
Five stories you may have missed this week
This week’s top stories included The Pensions Regulator’s announcement of new measures around the appointment of professional trustees, and the £3bn Merchant Navy Officers Pension Fund completing a £1.6bn buy-in with Pension Insurance Corporation.
MNOPF completes £1.6bn buy-in with PIC
The trustees of the £3bn Merchant Navy Officers Pension Fund (MNOPF) have secured £1.6bn of members’ pension benefits through a buy-in transaction with Pension Insurance Corporation (PIC).
PIC posts record year for bulk annuities
Pension Insurance Corporation (PIC) insured £7.2bn of scheme liabilities over the course of 2019, recording more new business than in any year prior.
Five stories you may have missed this week
This week’s top stories include an article about women remaining at risk of running out of money in retirement, and one about Buck winning 36 additional client contracts since launching as an independent business last year.
PIC converts Scottish Hydro-Electric Pension Scheme longevity swap into £750m buy-in
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.
PIC invests further £40m in housing association
Pension Insurance Corporation (PIC) has boosted its investment in social housing with a £40m further allocation to Soha Housing.
Buy now while stocks last: Risk reduction ramps up
As the risk reduction market gets busier and busier, Jonathan Stapleton says preparations must become more comprehensive for schemes to gain a foothold.
Bulk annuity market breaks yet another record with £17bn of first half deals
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
British American Tobacco scheme completes £3.4bn buy-in with PIC
The British American Tobacco (BAT) UK Pension Fund has completed a £3.4bn buy-in with Pension Insurance Corporation (PIC), the largest buy-in transaction including pensioner and deferred members.
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