Pension Insurance Corporation
PIC confirms £5.6bn of annuities in record risk transfer year
Pension Insurance Corporation (PIC) concluded £5.6bn on bulk annuities in 2020 after recording just over £2.1bn in the second half of the year.
PIC extends full admin contract with Capita to 2027
Pension Insurance Corporation (PIC) has extended its administration contract with Capita Pensions until the end of September 2027.
PIC's Tracy Blackwell: Helping make a difference to society
Pension Insurance Corporation (PIC) chief executive Tracy Blackwell was named pensions woman of the year at the third annual Women in Pensions Awards. She speaks to Professional Pensions about winning the accolade.
Brunel invests £840m in in clean infrastructure; PIC appoints municipal bond manager
Brunel Pension Partnership has launched two investment vehicles to target infrastructure assets that meet Paris Agreement objectives for its partner funds.
PIC invests £40m in London property development
Pension Insurance Corporation (PIC) has invested £40m in debt issued by the Royal College of Surgeons in England to finance the redevelopment of its London headquarters.
BHS Senior Management Scheme completes PPF+ buy-in with L&G
The BHS Senior Management Scheme has agreed a £2.5m buy-in with Legal & General (L&G) Assurance Society, securing benefits outside of the Pension Protection Fund (PPF).
Old British Steel scheme completes £2bn buy-in with PIC
The Old British Steel Pension Scheme (OBSPS) has agreed a £2bn full buy-in with Pension Insurance Corporation (PIC), one step closer to exiting Pension Protection Fund (PPF) assessment.
UK Pensions Awards 2020 - The Winners
Here they are - the winners of the UK Pensions Awards 2020...
PIC reports £3.5bn of bulk annuities as adjusted profit plummets by 70%
Pension Insurance Corporation (PIC) Group secured £3.5bn of defined benefit (DB) scheme liabilities throughout the first half of the year, although adjusted profits fell by nearly three-quarters.
PIC invests £130m in central Manchester build to rent housing regeneration project
Pension Insurance Corporation (PIC) has acquired a prime city-centre site in Manchester as the location for its first build to rent (BTR) project, investing £130m to fund the construction of 520 residential apartments, over 6,000 square feet of commercial...
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.
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